The USD/JPY pair is surging to fresh highs, reaching its peak for the year.
The Japanese yen, in tandem with the US dollar, is experiencing a swift devaluation. The current USD/JPY exchange rate is at 151.24.
Our discussions regarding the yen have become more frequent as its downward trajectory gains increasing attention.
The devaluation of the JPY has now hit an unprecedented level. The US dollar has breached the 151.20 mark, marking its highest annual value, and potentially heading towards levels last observed in 1990. The market perceives the Bank of Japan’s move to ease control over long-term interest rates as an insufficient response to the yen’s challenges.
Yet, this is merely the tip of the iceberg. The significant interest rate differential between the Bank of Japan and the US Federal Reserve continues to exert relentless pressure on the yen, and this pressure will endure until a fundamental transformation in the economic landscape occurs.
In its recent meeting, the BoJ retained the annual interest rate at -0.10%.
The post JPY: Plummeting to New Depths – Overview for November 01, 2023 appeared first at R Blog – RoboForex.