© Archyde.com. People walk past two screens displaying the exchange rate of the Japanese yen against the US dollar in Tokyo on December 30, 2022. Photo: Ise Kato/Archyde.com
LONDON (Archyde.com) – The yen jumped to a seven-month high against the dollar on Tuesday, amid growing expectations that the Bank of Japan will reverse its ultra-loose monetary policy.
Speculation began that the Japanese central bank would change its ultra-loose policy after the bank raised the upper limit of the range of movement of 10-year government bond yields last month. of its two percent target in the 2023 and 2024 budgets.
The yen rose 0.69 percent against the dollar to 129.83 yen per dollar on Tuesday, after touching 129.51 earlier in the session, a level not seen since June.
The Asian currency lost 12 percent of its value against the dollar in 2022, and Japanese authorities intervened in the market in September to support it for the first time since 1998, and then again in October when it fell to a 32-year low of 151.94 yen per dollar.
The yen made broad gains on Tuesday, with a 0.57 percent drop to 138.52 yen and the pound dropping 0.44 percent to 156.76 yen.
It recorded a modest start to the year 2023, which measures the performance of the US currency against six major currencies, and was traded in the latest transactions, down 0.029 percent at 103.610. The index rose 8 percent in 2022, its biggest annual jump since 2015, thanks to the US Federal Reserve raising interest rates to curb inflation.
The Australian dollar fell 0.06% to $0.680, while the New Zealand dollar increased 0.19% to $0.633.
The euro was stable against the dollar, little changed, while the pound sterling rose 0.18 percent to $1.2067.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin – Edited by Marwa Salam)