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Risk of accelerated yen depreciation to 160 yen per dollar, anticipated by exchange watchers.
October 24, 2024, 18:27 JST (excerpt)
With uncertainty looming over the future of Japan and the USA due to upcoming elections, some currency strategists believe that the yen may fall to 155-160 yen per dollar in the coming weeks.
This would mean returning to levels where Japan's currency authorities could trigger yen-buying interventions. Minister of Finance Katsunobu Kato stated on the 23rd in US time, "We will continue to closely monitor the developments in the foreign exchange market, including speculative trends, with heightened vigilance."
Bank of America (BofA), Mizuho Securities, and Asset Management One are predicting 160 yen. The yen fell by as much as 1.4% to 153.19 yen on the 23rd from the previous day, hitting the lowest level since the end of July. It has fallen by about 6% against the dollar this month, showing significant momentum for the first time since April 2022 on a monthly basis.
With uncertainty looming over the future of Japan and the USA due to upcoming elections, some currency strategists believe that the yen may fall to 155-160 yen per dollar in the coming weeks.
This would mean returning to levels where Japan's currency authorities could trigger yen-buying interventions. Minister of Finance Katsunobu Kato stated on the 23rd in US time, "We will continue to closely monitor the developments in the foreign exchange market, including speculative trends, with heightened vigilance."
Bank of America (BofA), Mizuho Securities, and Asset Management One are predicting 160 yen. The yen fell by as much as 1.4% to 153.19 yen on the 23rd from the previous day, hitting the lowest level since the end of July. It has fallen by about 6% against the dollar this month, showing significant momentum for the first time since April 2022 on a monthly basis.
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