The Japanese yen has become the worst performing among the ten major currencies in the world since the beginning of this year until today.
The performance of the yen on the Bloomberg index declined against the value of the dollar in spot transactions by 5.63 percentage points during the current year, recording a decline of 7.8 percent, equivalent to 142.35 yen per dollar.
But it seems that after 3 consecutive years of significant decline, the yen may catch its breath in 2024, according to economists who told Bloomberg that they expect the Japanese currency to rise next year with the Bank of Japan exiting the last negative interest rate system in the world and its global peers reducing borrowing costs.
“The situation will not disappoint yen traders,” said Shoki Omori, a strategist at Mizuho Securities in Tokyo, who sees the long decline in the currency coming to an end, adding that there is not much room for the Bank of Japan to tighten policy, but they seem determined to raise interest rates. Negativity.
