The yen exchange rate moved sharply in the foreign exchange market after the meeting of G20 finance ministers and central bank governors. The yen appreciated following remarks by a Bank of Japan official, and the move accelerated at night amid sudden buy orders.
The yen exchange rate moved sharply in the foreign exchange market after the G20 finance ministers and central bank governors’ meeting concluded. The article focuses on developments at the Bank of Japan and the yen’s movement against the U.S. dollar.
Around 2 p.m. on the 2nd, when Bank of Japan Policy Board member Takata Hajime (高田 創) began a press conference, expectations that the Japan-U.S. interest-rate differential would narrow spread, and the yen appreciated by several dozen sen from the ¥160-per-dollar range.
This appreciation is believed to have been caused by expectations of an acceleration in interest-rate hikes, and was treated as the opening phase of a movement that continued for more than 12 hours.
Around 10:18 p.m., sudden buy orders are said to have entered the market, further accelerating the yen’s movement. The article does not discuss the specific size or background of these buy orders.