Yen Breaks Above 157 as Japanese Officials and Trump Comments Fuel Rally
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On Wednesday, the Japanese yen strengthened past the 157 level against the US dollar, rising as much as 0.6% to 156.38 in Asian morning trading, making it the best-performing G10 currency. The move was attributed to a combination of repeated verbal warnings from Japanese authorities and quarter-end fund flows. Japan's top currency official, Atsushi Mimura, stated on Monday that the prime minister, finance minister, and US officials had all sent 'very clear' signals regarding currency depreciation. Prime Minister Shigeru Ishiba noted that during a meeting with US President Donald Trump the previous week, Trump expressed concern over the yen's weakness. Analysts offered differing views: Moh Siong Sim of OCBC Bank said the market is gradually accepting that policy may be shifting toward a more yen-supportive direction, while Shinya Koike of Sumitomo Mitsui Trust Bank highlighted quarter-end flows as a potential factor. The report originates from tradealpha, a domestic financial news source.
Source report
September 30 – The Japanese yen strengthened past the 157 mark against the U.S. dollar on Wednesday, driven by a series of currency warnings from the Japanese government and quarter-end fund flows.
In early Asian trading, the yen rose as much as 0.6% to 156.38 per dollar, making it the best-performing currency among G10 nations.
Japan's top currency official, Atsushi Mimura, stated on Monday that both the Japanese Prime Minister and Finance Minister, as well as U.S. officials, have recently issued "very clear" signals regarding concerns over currency depreciation.
Japanese Prime Minister Sanae Takaichi also noted that during her meeting with U.S. President Donald Trump last week, Trump expressed concern over the yen's weakness.
"The market appears to be gradually accepting the view that policy may be shifting toward a more yen-supportive direction," said Moh Siong Sim, a strategist at OCBC. "Since the beginning of this week, after Trump expressed concerns about yen weakness, the yen has remained firm."
Shinya Koike, head of the global markets trading division at Sumitomo Mitsui Trust Bank, added that quarter-end fund flows may also be contributing to the yen's upward movement.
Source
domesticNeutral / independent
Part of this Story
US, Japan Officials Signal Support for Stronger Yen, Sparking Currency Rally