BREAKING 🚨: Japan
Japanese Yen is in imminent danger of falling to the 160 level against the U.S. Dollar and is on track for an 8th consecutive daily decline against the USD! Absolute collapse here! pic.twitter.com/V2SE3W52zw
— Barchart (@Barchart) June 24, 2024
USD/JPY pic.twitter.com/oL2Qdgsiob
— Win Smart, CFA (@WinfieldSmart) June 24, 2024
Japan says it's ready to intervene in the Yen's collapse 24 hours a day if necessary pic.twitter.com/9tsjREAFAR
— Win Smart, CFA (@WinfieldSmart) June 24, 2024
The Japanese yen has been weakening against the U.S. dollar, approaching the critical 160 level. This level is seen as a key point for potential intervention by Japanese authorities. Masato Kanda, Japan’s top foreign exchange official, issued a stern warning, emphasizing that the government is prepared to intervene in the currency market around the clock if necessary. Excessive exchange rate fluctuations could negatively impact the national economy, and Japan is ready to take appropriate action if speculative behavior becomes excessive. Notably, Japan spent 9.8 trillion yen ($61.3 billion) on currency interventions between April 26 and May 29, with significant actions taken on April 29 and May 1. Despite Japan’s firm stance, market sentiment remains cautious, and analysts believe that the yen’s devaluation pressure is unlikely to ease fundamentally in the short term due to ongoing interest rate differentials between Japan and the U.S. Investors will closely watch Japan’s subsequent actions and the Federal Reserve’s policy trajectory, both of which will jointly influence the yen’s exchange rate