The Japanese yen has reached a 34-year low, falling to the 154 range against the dollar, the lowest since 1990, and is now down by 50%. This significant depreciation has prompted frequent discussions among senior Japan Ministry of Finance (MOF) officials with U.S. and other countries' authorities regarding financial and foreign exchange market movements, including the potential impact of the reverse carry trade. Finance Minister Suzuki is actively involved, attending G20 and G7 meetings and holding the first Japan-US-South Korea finance ministers' meeting in Washington. The G7 finance leaders are also expected to discuss aid to Ukraine and Russia sanctions. Amidst these developments, hedge funds have built up their largest bet against the yen in 17 years, and traders are bracing for the yen to potentially fall to the 160 level, even as intervention risks increase. T. Rowe Price warns that the yen is at risk of falling an additional 10% against the dollar.
Japanese yen hits the lowest since 1990
Japan’s finance minister warned he was ready to take action in the foreign exchange market if needed, but stopped short of his maximum threat, comments that fueled renewed yen weakness after the currency slumped to a fresh 34-year low overnight. https://t.co/B1e2WiGdRE
Yen Traders Brace For 160 Level Even As Intervention Risks Rise - BBG https://t.co/7vH2YuG64d
A tumbling yen is spurring traders to game plan how much further Japan’s beleaguered currency can fall even with the specter of intervention looming https://t.co/TgNuyn6mMF
Japan prepared to take necessary steps on forex moves: finance chief https://t.co/ktm4Hl3UYI
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Live news: Yen falls below ¥154 for first time since 1990 https://t.co/Zn5xDCUxJy
T. Rowe Price Says Yen Is at Risk of Falling 10% Against Dollar - Japan unlikely to hike drastically, says T. Rowe’s Fitzsimmons - Yen has been trading at weakest levels to a dollar since 1990 Source: Bloomberg https://t.co/wvUdUxzNi9
Where does this end? The Japanese #yen weakened to 154 against the US dollar. #Japan's Ministry of Finance already intervened at 150 and repeatedly stated that the yen's weakening was not in line with fundamentals. Yet, here we are at 154+. The yen is now down a whopping 50%… https://t.co/bLG2cXd2i7
'Speculative accounts keep pressing their bets against the yen.' https://t.co/GdYV9Ir7BI via @SoberLook https://t.co/vEB9YSKEgt
Hedge funds have built up their biggest bet against the yen in 17 years, per Reuters.
Japan's yen falls to lowest since 1990, dollar/yen up 0.6% https://t.co/YBd4sMfeyg https://t.co/BJSQWjpRvw
Yen sinks to 154 range vs dollar for 1st time in 34 years https://t.co/Jr0uC7PXya
Dollar Edges Lower, Yen at 34-year Trough https://t.co/mbXh8r2iZy https://t.co/huyC2rieR2
BREAKING: The Japanese Yen The US dollar strengthens vs Yen to the highest since mid-1990, close to the 154 mark This is well above the previous Japanese intervention levels. All eyes are on the Ministry of Finance in Japan. Is the reverse carry trade a real global threat? https://t.co/lymtZdAwDY
SENIOR JAPAN MOF OFFICIAL: G7 FINANCE LEADERS ARE LIKELY TO DISCUSS AID TO UKRAINE AND RUSSIA SANCTIONS AT THIS WEEK'S MEETING.
SENIOR JAPAN MOF OFFICIAL: IN FREQUENT, REGULAR TALKS WITH U.S., OTHER COUNTRIES' AUTHORITIES ON FINANCIAL, FX MARKET MOVES