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Watch out, yen

06.09.2023

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The Japanese yen has once again depreciated against the dollar and is trading near all-time highs of 150,000.

The Japanese regulator continues to keep the interest rate unchanged, despite the growing inflation in the country following the global trend in this indicator. For a long time, the Central Bank of Japan has not raised or lowered the interest rate. It even became a certain pride of the regulator, as former chairman Haruhiko Kuroda has repeatedly stated. His successor Ueda Kazuo continues to pursue a similar policy regarding the national currency and, like his predecessor, is proud of this, stating that Japan is the country with the most stable economy in the world, high pensions and salaries.

The dynamics of the Japanese yen is beginning to resemble the Turkish lira, which is depreciating almost every day due to the lack of real stimulus measures from the state. At the moment, the Cabinet of Ministers of Japan has reacted to the approach of the yen to historical highs, saying that if necessary, they will act tough and immediately respond to changes in the exchange rate. The market expects interventions from the Bank of Japan. So far, they have been very effective. But whether there will be enough gold and foreign exchange reserves for the current and very strong demand for the dollar, time will tell. Or, as traders say, the market will judge.