Japanese Yen Weakens Against Rupiah, Down 10% Since the Start of 2023

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Adi Ahdiat 24/10/2023 17:45 WIB

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The Japanese yen has been weakening against the Indonesian rupiah since 2021. As of October 23, 2023, its value has fallen by approximately 10% compared to its position at the beginning of this year.

Japanese Yen to Indonesian Rupiah Exchange Rate (January 1, 2021 - October 23, 2023)

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Japanese Yen Weakens Against Rupiah, Down 10% Since the Start of 2023

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Japanese Yen to Indonesian Rupiah Exchange Rate (January 1, 2021 - October 23, 2023)

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The Japanese yen (¥) has been weakening against the Indonesian rupiah (Rp).

This weakening trend has been observed since early 2021 and continues to this day, as illustrated in the chart above.

According to Yahoo Finance data, as of October 23, 2023, 1 ¥ was equivalent to Rp105.88.

The yen's position against the rupiah has weakened by 10.78% year-to-date (YTD). On January 2, 2023, 1 ¥ was worth Rp118.68.

However, compared to a year ago, the yen's position against the rupiah on October 23, 2023, is still about 1.35% higher year-on-year (YOY).

This is because the yen fell more sharply last year, with 1 ¥ trading in the range of Rp103-Rp104 in September-October 2022.

Yen Also Weakening Against the US Dollar

The yen is not only weakening against the rupiah but also against the US dollar.

According to Yahoo Finance data, as of October 23, 2023, 1 ¥ was equivalent to US$0.006672.

The yen's position against the US dollar has weakened by 1.37% year-on-year (YOY). On October 24, 2022, 1 ¥ was at US$0.006765.

Conversely, as of October 23, 2023, US$1 was equivalent to ¥149.88.

The US dollar has strengthened by 1.39% year-on-year. On October 24, 2022, US$1 was at ¥147.82.

According to Bob Michele, Chief Investment Officer at asset management firm JP Morgan, the weakening yen will make Japanese exports cheaper and imports into Japan more expensive.

Bob Michele predicts that this currency weakening could also push the Bank of Japan to tighten monetary policy.

"If the yen weakens to beyond 150 per US dollar, the Bank of Japan may tighten its policy sooner than the market expects," said Bob Michele, as reported by CNBC.com on Sunday, October 22, 2023.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Japanese Yen Weakens Against Rupiah, Down 10% Since the Start of 2023

Japanese Yen Weakens Against Rupiah, Down 10% Since the Start of 2023

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