▲ Dollar and Yen [연합뉴스]
The yen’s weakening is accelerating following the Bank of Japan’s monetary policy announcement.
NHK and Nippon Keizai Shimbun (Nikkei) reported on the 27th that the yen/dollar exchange rate exceeded the 158 yen level for the first time in 34 years.
The Yen/dollar exchange rate increased to ¥158.4 per dollar on the New York foreign exchange market during intraday trading on the 26th (local time).
This is the first time since May 1990 that the value of the yen has fallen to the level of 158 yen per dollar.
NHK said, “The decline in the yen accelerated further after the results of the Bank of Japan’s monetary policy decision meeting were announced.”
In fact, on the day of the 26th, when the Bank of Japan decided to maintain the previous monetary policy, including freezing interest rates, at the monetary policy decision meeting, the yen/dollar exchange rate in the Tokyo foreign exchange market was above the 156. yen level, and after the press conference of Bank of Japan Governor Kazuo Ueda, it fell to 157 yen.
Governor Kazuo said at a press conference, “Currently, the weakening yen does not have a significant impact on the core inflation rate,” adding, “The easing financial environment will continue for now.”
This statement, which came as the interest rate differential between the US and Japan became more prominent and a continued move to sell yen and buy dollars, is said to have accelerated the decline in the yen by putting further pressure on to the attention that it is. it would be difficult for the Bank of Japan to raise interest rates early.
However, given the pace of recent yen depreciation, there is still concern about market intervention by the Japanese authorities.
Nikkei said, “The value of the yen fell by more than 3 yen per dollar this week, showing a rare decline,” and “September and October 2022, when the Japanese authorities intervened in the market, was also a time when the Yen fell. about 3 yen for a week.”
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