Japan's Yen Continues to Weaken: What are the Impacts?

Market

Premium

Adi Ahdiat 24/10/2023 15:41 WIB

URL has been copied

Memuat...

Over the past year, the Japanese yen has depreciated by 1.37% against the US dollar. This could make Japanese exports cheaper.

Japanese Yen to US Dollar Exchange Rate (January 1, 2021 - October 23, 2023)

A Small Font
A Medium Font
A Bigger Font

You are accessing content Single Data Premium.
To continue, please subscribe or buy individually.

Professional

Enjoy premium access with a more affordable price.

Start from

~~Rp300.000~~ 150.000/month

Access more premium content and exclusive features for customers.

Start from

50.000/month

Hanya Rp833 per artikel

More details »

Buy Retail

Read the article immediately “Japan's Yen Continues to Weaken: What are the Impacts?”.

Rp10.000

We accept the following payments:

Some payment methods are still in the process of being activated.

Japanese Yen to US Dollar Exchange Rate (January 1, 2021 - October 23, 2023)

Download

Source

A Small Font
A Medium Font
A Bigger Font

The Japanese yen (¥) has been weakening against the US dollar (US$).

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 US$0.006672.

This represents a 1.37% year-on-year weakening of the yen against the US dollar, compared to October 24, 2022, when 1 ¥ reached US$0.006765.

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

This represents a 1.39% year-on-year strengthening of the US dollar against the Japanese yen. 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, while imports into Japan will become more expensive.

Bob Michele predicts that this currency weakening could also prompt the Bank of Japan to tighten its 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."