Asian Currencies Weaken Since the Start of 2024, Japanese Yen Falls the Most

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Erlina Fury Santika 27/06/2024 13:48 WIB

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Data processed by Asian Bonds Online shows that the exchange rates of several Asian currencies against the US dollar have weakened since the beginning of 2024. The Japanese Yen has experienced the sh

Percentage Change in the Exchange Rate of Asian Countries' Currencies against the US Dollar (January 2, 2024 - June 26, 2024)

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Asian Currencies Weaken Since the Start of 2024, Japanese Yen Falls the Most

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Percentage Change in the Exchange Rate of Asian Countries' Currencies against the US Dollar (January 2, 2024 - June 26, 2024)

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Data processed by Asian Bonds Online (ABO) shows that most Asian currencies have weakened against the US dollar since the beginning of 2024.

The Japanese yen has depreciated the most, falling 12.29% year-to-date (YTD).

The yen's exchange rate has now reached 160.39 per US dollar—its lowest level since 1986. According to Investing.com, Japanese officials will intervene if there is excessive volatility in the yen, aiming to prevent the exchange rate from exceeding 160 per US dollar.

The yen's latest weakening followed a dovish signal from its central bank, the Bank of Japan, regarding policy tightening at its June meeting.

"Concerns about high US interest rates have also led traders to sell the yen and buy the dollar," wrote Investing.com on Wednesday, June 26, 2024.

The second weakest currency is the Thai baht, with a decline of 7.31% (YTD). Third is the South Korean won, which has fallen 7.03% (YTD).

The Lao kip follows with a decrease of 6.55% (YTD). The Indonesian rupiah is next, weakening by 6.18% (YTD).

Meanwhile, the Cambodian riel is the currency on this list with the lowest weakening, at 0.53% (YTD). This is followed by the Chinese yuan at -2.29% (YTD), and the Malaysian ringgit at -2.59% (YTD).

Note that ABO has not included the percentage change in the exchange rates of the Hong Kong dollar and the Myanmar kyat.

(See also: [2024 APBN Deficit Could Increase if Rupiah Continues to Weaken](https://databoks.katadata.co.id/datapublish/2024/06/19/defisit-apbn-2024-bisa-meningkat-bila-rupiah-terus-melemah))

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."