Yen Plummets to Multi-Year Lows, Nearing Intervention Threshold

June 25, 2024 at 11:28 am

The Japanese yen weakened to around 159.40 per dollar, nearing the 160 level that prompted market intervention by authorities in late April. In response, Japan’s top currency diplomat Masato Kanda stated the government’s readiness to act against speculative currency movements. Concurrently, the US Treasury added Japan to a watchlist for potential currency manipulation.

These developments occurred against the backdrop of the Bank of Japan’s recent policy decision. The central bank maintained its massive bond purchasing program, promising to release a plan for winding down these purchases at its July meeting.

Meanwhile, Japan’s economic indicators showed mixed signals. The annual headline inflation rate rose to 2.8% in May from 2.5% in April, reaching its highest level since February. Although the core inflation rate also increased from 2.2% to 2.5%, it fell short of the forecasted 2.6%.

(USDJPY Weekly Chart)

Disclaimer

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.

Why Trade Metals & Commodities with Ultima Markets?

Ultima Markets provides the foremost competitive cost and exchange environment for prevalent commodities worldwide.

Start Trading

Monitoring the market on the go
Markets are susceptible to changes in supply and demand
Attractive to investors only interested in price speculation
Deep and diverse liquidity with no hidden fees
No dealing desk and no requotes
Fast execution via Equinix NY4 server

Join the ultimate trading ecosystem

See all Markets Quick Start

Ultima Markets is a member of The Financial Commission, an international independent body responsible for resolving disputes in the Forex and CFD markets.

All clients of Ultima Markets are protected under insurance coverage provided by Willis Towers Watson (WTW), a global insurance brokerage established in 1828, with claims eligibility up to US$1,000,000 per account.

Ultima Markets is the first CFD broker to be part of United Nations Global Compact.

TRADE WITH US

RISK DISCLOSURE

Risk Warning:
Trading leveraged financial products, including Contracts for Difference (CFDs), carries a high level of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors and should only be traded with funds you can afford to lose. You do not own or have any rights to the underlying assets of these derivatives (e.g., entitlement to dividends). Please ensure you fully understand the associated risks. Before trading, consider your level of experience, investment objectives, and seek independent financial advice if necessary. Refer to our legal documents and disclosures before making any trading decisions.

General Advice Warning:
The information provided on this website is general in nature and does not take into account your personal objectives, financial situation, or needs. Before acting on any advice, you should assess its appropriateness in light of your individual circumstances and consult our legal documentation.

Regional Restrictions:
The information and services on this website are not intended for residents of certain jurisdictions, including but not limited to the United States, Singapore, and any jurisdictions subject to international sanctions. For further information, please contact our customer support team.

Regulatory Information:

Ultima Markets Ltd is authorised and regulated by the Financial Services Commission (FSC) of Mauritius as a Full-Service Investment Dealer (excluding Underwriting), under licence number GB 23201593.

Registered address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
Ultima Markets (Pty) Ltd, registration number K2021950694, is licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa under FSP number 52497.

Registered address: 183 Albion Springs, Rondebosch, Cape Town, Western Cape, 7700, South Africa.

Messenger

Continue on Messenger

Take the conversation to your Messenger account. You can return anytime.

Scan the QR code and then send the message that appears in your Messenger.

Open Messenger on this device.
Instagram

Continue on Instagram

Take the conversation to your Instagram account. You can return anytime.

Scan the QR code to open Instagram. Follow @ultima_markets to send a DM.

Open Instagram on this device.
Live Chat