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Japanese Yen Melts Against the US Dollar

The Bank of Japan signaled that the monetary easing policy will continue despite the continued depreciation of the Japanese yen against the US dollar.

Japanese Yen Melts Against the US Dollar
Yazar: James Gordon

Yayınlanma: 16 Ekim 2022 17:46

Güncellenme: 23 Kasım 2024 14:40

Japanese Yen Melts Against the US Dollar

The Bank of Japan signaled that the monetary easing policy will continue despite the continued depreciation of the Japanese yen against the US dollar.

The depreciation of the Japanese yen in the markets has caused concerns between the government and Japanese financial authorities. The yen is recording the fastest depreciation against the dollar in the last 32 years. On October 14 and 15, the Japanese yen fell first to 147 and then to 149 against the US dollar. The last time the Japanese national currency saw similar levels was in August 1990. It is stated that the central government, which stabilized the dollar-yen parity for a while with the "yen buying, dollar selling" intervention at the end of September, will repeat the same intervention. Deputy Finance Minister Kanda Masato, who is in charge of foreign exchange movements, said, "The possibility of taking necessary measures is increasing. The government is always ready for decisive moves." Japanese financial authorities argue that the weaker yen against the US dollar reflects the BoJ's current ultra-expansive monetary easing policies. BoJ Governor Kuroda Haruhiko noted that despite the depreciation, they will continue monetary easing to achieve income growth and the BoJ's 2 percent inflation targets. Noting that the rise in consumer inflation (CPI) was due to commodity price increases, Kuroda said, "Core inflation is expected to fall below 2 percent in the next fiscal year." Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!
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