Risk of accelerated depreciation of the yen up to 160 yen per dollar, predicted by currency watchers.
October 24, 2024 18:27 JST (excerpt)
As elections in Japan and the United States bring uncertainty to the markets, some currency strategists believe that the yen could fall to 155-160 yen per dollar in the next few weeks.
This would mean returning to levels at which Japan's currency authorities may trigger yen-buying interventions. Finance Minister Katsunobu Kato stated on the 23rd in US time that he will continue to closely monitor the movements in the foreign exchange market, raising tensions further, including speculative behavior.
Bank of America (BofA), Mizuho Securities, and Asset Management One are expecting the yen to reach 160 yen. The yen fell by as much as 1.4% to 153.19 yen on the 23rd from the previous day, hitting its lowest level since the end of July. It has fallen by about 6% against the dollar this month, showing significant bearish momentum for the first time since April 2022 on a monthly basis.
As elections in Japan and the United States bring uncertainty to the markets, some currency strategists believe that the yen could fall to 155-160 yen per dollar in the next few weeks.
This would mean returning to levels at which Japan's currency authorities may trigger yen-buying interventions. Finance Minister Katsunobu Kato stated on the 23rd in US time that he will continue to closely monitor the movements in the foreign exchange market, raising tensions further, including speculative behavior.
Bank of America (BofA), Mizuho Securities, and Asset Management One are expecting the yen to reach 160 yen. The yen fell by as much as 1.4% to 153.19 yen on the 23rd from the previous day, hitting its lowest level since the end of July. It has fallen by about 6% against the dollar this month, showing significant bearish momentum for the first time since April 2022 on a monthly basis.
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