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Japan Eyeing Yen's Economic Impact

17 Sep 2024 , 09:50 AM

Japan Finance Minister Shunichi Suzuki said on Tuesday that the government will continue to assess the impact of the stronger yen on the economy and respond accordingly.

“Our stance has been that currency rates should be determined by markets reflecting fundamentals, but rapid fluctuations are not desirable,” Suzuki stated at a routine post-cabinet meeting news conference.

The US dollar plummeted to a more than one-year low against the yen on Monday, trading below the critical 140 level on speculation that the Federal Reserve may slash interest rates by 50 basis points at its policy meeting this week.

On Tuesday, the dollar traded at its lowest levels of the year, ahead of the projected start of a U.S. easing cycle that investors believe would begin with an outsized rate cut.

The euro rose overnight to $1.1138 and traded there early in the Asia session, close to the year’s high against the dollar of $1.1201.

The yen briefly rose above 140 during holiday-shortened activity on Monday, but then fell back to 140.96 as traders returned to their desks in Tokyo.

It has plummeted the most this year, leaving the most possibility for a rally on a dovish shift from the US central bank.

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Related Tags

  • Dollar
  • Euro
  • FOREX
  • Japan
  • Yen
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