2023-06-30 06:29:34
dollar yen pair
The USD/JPY pair rose to 7-and-a-half-month highs briefly during early trading on Friday, as the pair crossed the 145-yen level, following lower-than-expected US jobless claims fueled speculation of a Fed hike. US interest rates for a period may exceed expectations.
The latest stronger-than-expected US GDP revision for the first quarter also contributed to the dollar-yen pair reaching its highest level since last November, at 145.07 yen, with the Bank of Japan continuing to stick to its accommodative policy unlike its American and European counterparts.
The depreciation of the yen and this rise of the dollar yen pair led the markets to warn of a possible intervention of the Japanese government in the currency market, following it had conducted sales of the dollar yen pair for the first time in 24 years on September 22 of last year, when the Japanese currency exceeded the level of 145 once morest the dollar. And then the intervention continued following the dollar exceeded 151.9 yen.
Japanese Finance Minister Shunichi Suzuki warned that the government is ready to respond appropriately to excessive fluctuations in the currency or forex market, noting that the current movements of the dollar yen are not consistent with the conditions of the monetary policy of the Bank of Japan, and stressed that the government is watching closely to intervene in a timely manner if necessary. .
In terms of trading, the dollar-yen pair then fell marginally to 144.64 yen, giving up part of its strong early gains following the Japanese Finance Minister’s remarks.
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