The yen is around 151 yen, temporarily rising to the 150-yen range on expectations of a narrowing gap in Japanese and US interest rates.
November 28, 2024 8:00 JST (excerpt)
In the morning of the 28th in the Tokyo foreign exchange market, the yen was trading around 151 yen per dollar, trending higher from the previous evening. Expectations of a narrowing interest rate spread between Japan and the US after the monetary policy decision in December have led to predominant yen buying and dollar selling.
In the overseas market the day before, as the dollar weakened across the board ahead of the Thanksgiving holiday in the US, the yen rose to the 150 yen range for the first time in about a month. Yujiro Goto, Chief Foreign Exchange Strategist at Nomura Securities, pointed out in a report dated the 28th that the accelerated unwinding of dollar buying positions ahead of the holidays, fueled by the recovery of expectations of a US rate cut in December and the victory of Mr. Trump in the US presidential election, is likely to be widely observed.
In the morning of the 28th in the Tokyo foreign exchange market, the yen was trading around 151 yen per dollar, trending higher from the previous evening. Expectations of a narrowing interest rate spread between Japan and the US after the monetary policy decision in December have led to predominant yen buying and dollar selling.
In the overseas market the day before, as the dollar weakened across the board ahead of the Thanksgiving holiday in the US, the yen rose to the 150 yen range for the first time in about a month. Yujiro Goto, Chief Foreign Exchange Strategist at Nomura Securities, pointed out in a report dated the 28th that the accelerated unwinding of dollar buying positions ahead of the holidays, fueled by the recovery of expectations of a US rate cut in December and the victory of Mr. Trump in the US presidential election, is likely to be widely observed.
The yen exchange rate is currently 151.08 yen against the dollar at 7:45 am (compared to 151.95 yen at 5:00 pm on the 27th).
In the overseas market on the 27th, the yen briefly rose to 150.46 yen, the highest level since October 21st.
In the overseas market on the 27th, the yen briefly rose to 150.46 yen, the highest level since October 21st.
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