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<달러-엔 환율 일봉 차트:인포맥스 제공>
(Seoul = Yonhap Infomax) Correspondent Bae Soo-yeon = The dollar-yen exchange rate in the Tokyo exchange rate on the 10th continued to rise, approaching the level of 156 yen despite a series of warnings from the Japanese foreign exchange authorities before the weekend. This was interpreted as the effect of the US Federal Reserve System (Fed) continuing its hawkish actions despite signs of sluggish employment.
According to Yonhap Infomax foreign exchange rates in major foreign countries (screen number 6411), the dollar-yen exchange rate recorded 155.663 yen as of 2:07 pm on this day, up 0.14% from the previous day.
Also on this day, American ingredients had a stronger effect on Tokyo Hwanshi than Japanese ingredients. This is because hawkish comments from Federal Reserve officials have triggered a strengthening of the US dollar.
Mary Daley, president of the Federal Reserve Bank of San Francisco, showed a cautious approach to lowering the benchmark interest rate. This is because there is considerable uncertainty about the future path of inflation.
Governor Daley pointed out that although the economy, including the job market, is gradually normalizing, it is difficult to say that it is still weak.
He said that although the April employment index was lower than expected, “it is still too early to say that the labor market is weak or unstable,” and that “a healthy labor market is developing where job seekers can come find jobs.” He stressed, “It is not appropriate to adjust interest rates in a situation where the labor market is not shaken,” and “there are no signs at the moment (that the labor market will be shaken).” It was interpreted as showing a cautious stance on interest rate cuts.
US employment indicators showed signs of a further slowdown, but did not act as a catalyst. The number of new unemployment insurance claimants for the week ending on the 4th was 231,000 on a seasonally adjusted basis, an increase of 22,000 from the previous week. This is the highest level since the last week of August last year.
As the dollar-yen exchange rate continued to rise, hitting 155.770 yen at one point, the verbal intervention of the Japanese foreign exchange authority came out again on this day.
Japan’s Finance Minister, Shunichi Suzuki, said on the same day, “If necessary, we will take appropriate action on the exchange rate.”
He said this at a press conference after the Cabinet meeting held that day, saying, “We are closely observing the movements of the exchange rate.”
“We are seeing increasing signs that the US jobs market is slowing after showing remarkable strength and resistance,” said Ryan Brandom, strategist at Validus Risk Management.
He emphasized that a slower job market would help the Fed in the fight against inflation, although the Fed hopes to keep prices under control without significantly affecting the job market.
“Japan’s Finance Ministry is reluctant to increase volatility, which could have a negative impact on its financial markets,” said Ben Bennett, strategist at Legal & General Asset Management.
He predicted, “As I suspected a few days ago, if prices fluctuate too much, Japan’s Finance Ministry will intervene.”
But he stressed: “I don’t think we will be opposed to a gradual devaluation, as we have seen since the last week.”
neo@yna.co.kr
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This article was published at 14:11 on the Infomax financial information terminal.
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