Dollar-yen breaks above 155 yen… 34 years later (complementary report) < Bonds/Forex < Text of article

Despite verbal intervention by Japanese authorities, record highs are reached day after day.

(New York = Yonhap Infomax) Correspondent Jinho Jeong = The dollar-yen exchange rate even broke above the 155 yen level during the day, breaking the highest level in 34 years day after day.

Dollar-yen exchange rate trend

[출처 : 연합인포맥스]

According to Yonhap Infomax’s foreign exchange rate screen for major overseas countries (screen number 6411) on the 24th (local time), the dollar-yen exchange rate recorded 155.170 yen at 8:14 pm on this day, exceeding 155 yen.

As of 8:35 p.m., it is trading at 154.980 yen, down slightly.

According to Japan’s Nihon Keizai Shimbun, this is the first time in 34 years since June 1990 that the dollar-yen exchange rate exceeded 155 yen.

Despite the verbal intervention of the Japanese foreign exchange authorities, the value of the yen continued to decline steeply day after day, breaking through to 155 yen, which was considered the psychological Maginot line. Accordingly, market caution is expected to increase regarding the timing and intensity of Japanese authorities’ intervention.

Recently, Japanese authorities have been making verbal interventionist statements every day.

Japanese Finance Minister Sunichi Suzuki said at a press conference the previous day that he was “viewing the yen’s weakening trend with a high degree of tension” and that, based on a joint statement by the finance ministers of Korea, the United States and Japan, “we will promote close communication with the relevant monetary authorities.”

Regarding the Korea-U.S.-Japan agreement, Finance Minister Suzuki said, “It can be said that an environment that can lead to an ‘appropriate response’ has been created.”

Previously, on the 17th, the finance ministers of Korea, the United States, and Japan held the first meeting of the three countries’ finance ministers at the Treasury Department in Washington, D.C. and included in a joint declaration that they were aware of Korea and Japan’s serious concerns about the rapid devaluation of the won and yen.

The Bank of Japan (BOJ) plans to hold a financial policy decision meeting on the 25th and 26th and decide on the base interest rate.

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This article was published at 21:49 on the Infomax financial information terminal.