Japanese Yen Strengthens After Three-Day Slump Against US Dollar

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Erlina Fury Santika 10/08/2024 12:14 WIB

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Wall Street Journal data shows the US dollar exchange rate against the Japanese yen reached ¥146.62 per US dollar, strengthening from the previous day.

US Dollar Exchange Rate against the Japanese Yen (August 10, 2023 - August 9, 2024)

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US Dollar Exchange Rate against the Japanese Yen (August 10, 2023 - August 9, 2024)

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The US dollar exchange rate against the Japanese yen reached ¥146.62 in Friday's (August 9, 2024) trading, as reported by the *Wall Street Journal* (WSJ).

The dollar's value fell 0.41% from the previous ¥147.23 on Thursday (August 8, 2024).

According to *Reuters*, the US currency weakened against the Japanese yen after a three-day rebound. As seen in the chart, the US dollar exchange rate against the yen has been predominantly weakening since July 29, 2024.

This yen strengthening is due to stronger-than-expected employment data on Thursday, reducing speculation of a Federal Reserve interest rate cut later this year.

*Reuters* also noted that the yen and Swiss franc—other safe-haven currencies—were near their lowest levels in a week as major stock markets rose and bond yields fell.

The market turmoil over the past week was largely triggered by the unexpectedly lower-than-expected US employment cost index released a week ago, causing global stocks to plummet. Meanwhile, the demand for safe-haven assets like the yen and franc sent both currencies surging to their highest levels since the beginning of the year on Monday (August 5, 2024).

"There's a strong desire from the market to finally use the yen as a safe haven from the turmoil and conflict happening around the world," said Juan Perez, director of trading at Monex USA in Washington, as reported by *Reuters*.

The dollar index, which measures the currency against six others, also fell 0.136% to 103.14 points after a three-day rise.

(See also: [Japanese Stock Market Falls Amid Yen Strengthening](https://databoks.katadata.co.id/datapublish/2024/08/06/bursa-saham-jepang-jatuh-di-tengah-penguatan-yen))

Editor : Erlina Fury Santika

"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."