The Japanese yen weakened past 156 per dollar, breaching that level for the first time since May 1990 as the Bank of Japan held interest rates steady despite pressure from a sharply falling currency, as widely expected. Meanwhile, the central bank dropped wording on buying the same amount of bonds as before, revised its inflation forecasts higher and said the economy will likely keep growing at a healthy pace. Investors also reacted to data showing Tokyo’s core inflation rate slowed to a 2-year low of 1.6% in April due largely to distortions from the start of education subsidies. The yen lost about 10% against the dollar so far this year as the BOJ held rates at near-zero levels despite elevated interest rates in other major economies, prompting traders to borrow yen and invest in higher-yielding currencies. Markets continued to watch for signals from Japanese authorities on whether they would intervene in the currency markets again to arrest the yen’s slide.
The USDJPY increased 0.9790 or 0.63% to 156.5970 on Friday April 26 from 155.6180 in the previous trading session. Historically, the Japanese Yen reached an all time high of 358.44 in January of 1971. Japanese Yen - data, forecasts, historical chart - was last updated on April 26 of 2024.
The USDJPY increased 0.9790 or 0.63% to 156.5970 on Friday April 26 from 155.6180 in the previous trading session. The Japanese Yen is expected to trade at 153.53 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 160.16 in 12 months time.