The yen strengthened in the foreign exchange market, briefly reaching the ¥155-per-dollar level. This was the first time in about a month that it had reached this level since coordinated intervention by Japan and the United States, while market expectations are spreading that the BOJ will accelerate the pace of its rate hikes.
The yen was bought in the foreign exchange market and briefly reached the ¥155-per-dollar level. This was the first time in about a month that it had reached this level since the coordinated intervention by Japan and the United States became known on the 3rd of last month.
Market participants estimate that the yen strengthened by about ¥4 in a single day, with the move on the 2nd reaching the ¥155 level shortly after 8 p.m.
Market participants point to BOJ board member Takata (高田)'s comment in a speech on the 2nd that it was necessary to respond flexibly, as well as growing expectations of US interest rate hikes, as the backdrop for views that the BOJ will accelerate the pace of its rate hikes.
Some market participants are waiting for further developments, while BOJ monetary policy and US interest rate trends are expected to continue affecting the yen.