Japanese yen hits lowest price in 7 months against dollar Bank of Japan governor remarks further lower concerns | Reuters

2023-06-28 16:02:00

In the foreign exchange market on the 28th, the Japanese yen dropped to 144.57 yen against the dollar, marking the lowest level in seven months. Bank of Japan Governor Kazuo Ueda’s remarks raised fears that the yen could weaken further. Photo taken in November 2022 (2023 REUTERS/Kim Kyung-Hoon)

[ニューヨーク 28日 ロイター] – In the foreign exchange market on the 28th, the Japanese yen fell to 1 dollar = 144.57 yen, renewing the low for the first time in seven months. Bank of Japan Governor Kazuo Ueda’s remarks raised fears that the yen could weaken further.

Governor Ueda said at a seminar hosted by the European Central Bank (ECB) on Thursday that a “reasonable confidence” that inflation would slow and then pick up again in 2024 would be sufficient reason for the BOJ to change its monetary policy. indicate. As for the Japanese yen, he said it would be affected by “many factors other than (the Bank of Japan’s) monetary policy”, including policies of other central banks, and would “monitor the situation very closely.”

As the yen continues to weaken, there are widespread speculations that the authorities may implement yen-buying intervention as early as this week. The previous yen buying intervention was 1 dollar = 145 yen level.

Against this backdrop, Silver Gold Bull’s director of FX and precious metals risk management, Eric Breger, said Governor Ueda did not make any remarks to put a brake on the yen’s depreciation. “If Governor Ueda’s view is that it lies in the policies of the G7 countries, then the door is open for the yen to fall further.”

The Japanese yen fell 0.32% against the dollar to 144.51 yen. On the other hand, the euro/yen fell by 0.22% to 157.56 yen. In the early days, the price was 158.00 yen, the highest price in 15 years.

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