Dollar/yen Temporarily rises in the upper 132 yen range as expectations for revisions to the easing measures of the Bank of Japan recede
On the 13th, the dollar/yen pair continued to rise throughout the day, reaching a temporary high of around 132.91 yen.
The dollar-yen pair plummeted over the weekend following news reports about the appointment of the new governor of the Bank of Japan. Expectations for revisions to easing measures receded, and yen selling progressed.
The rise in US long-term interest rates and the US Fed’s Bowman’s remarks that “inflation will not ease as much as we would like” and “we will continue to raise interest rates to bring inflation back to the 2% target” are contributing factors. At around 1:00 am today, the exchange rate rose to around 132.91 yen.
Watch out for sudden fluctuations in dollar/yen US CPI to be announced soon
Last week, the dollar-yen exchange rate fluctuated due to reports about the appointment of the new governor of the Bank of Japan. The buying movement receded, and the dollar/yen exchange rate was firm at the beginning of the week.
As the buying and selling over the appointment of the new governor of the Bank of Japan has run its course, the market’s attention has shifted to US monetary policy, and attention is focused on the US January consumer price index (CPI), which will be released soon tonight.
Market forecasts are for a slowdown in growth compared to the same month last year, but there is also the possibility that, like the recent U.S. employment statistics, an unexpectedly strong result will lead to an appreciation of the dollar/yen. On the other hand, if the dollar/yen exchange rate slows down more than expected, it is expected that the dollar/yen exchange rate will drop sharply, raising caution about fluctuations after the announcement.
In addition, there will be opportunities for several key figures to make statements tonight, including Philadelphia Fed President John Harker and New York Fed President Williams, so it is likely that the US CPI may continue to drop or rise in response to these comments.
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