Yen Slides to Around 160.63 per Dollar Amid US Dollar Rally and Market Pressures
The Japanese yen fell to about 160.63 per U.S. dollar on Wednesday, with short‑sellers targeting the currency and analysts noting Japan’s large foreign‑exchange reserves, weak economic fundamentals, and constraints on interest‑rate policy.
The yen fell as much as 0.2 % to 160.80 per dollar on Wednesday before trading around 160.63 at 11:30 a.m. in Tokyo, according to forexfactory.com. Short‑sellers are targeting the yen, reported SCMP. SCMP also noted that Japan has large foreign‑exchange reserves.
Forexfactory.com said the yen’s decline was driven mainly by a rally in the U.S. dollar and expectations that the Federal Reserve will increase interest rates this year. SCMP added that Japan’s economic fundamentals are weak and deteriorating, and that the country cannot raise interest rates aggressively because of its high national debt.
SCMP further warned that Japan could fall into an inflation‑devaluation spiral and is defending its currency against the U.S. dollar in a manner similar to Thailand in 1996.
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