The Japanese yen rose in the Asian market on Monday against a basket of major and minor currencies, moving away from a three-month low against the US dollar again, as buying activity from low levels.
The yen is hovering around the psychological barrier of 150 yen per dollar, under the watchful eyes of Japanese authorities, who last week expressed their readiness to do what is necessary to protect the local currency from excessive weakness.
Price overview
Japanese yen exchange rate today
The dollar fell against the yen by 0.2% to (149.87¥), from the opening price of today's trading at (150.18¥), and recorded a high of (150.19¥).
At settlement on Friday, the yen fell 0.2% against the dollar, its first loss in three days, as the recovery from a three-month low of 150.88 yen stalled.
The yen lost 0.65% against the dollar last week, its third consecutive weekly loss, due to the economic recession in Japan, in addition to the rise in the yield on US 10-year Treasury bonds.
Japanese authorities
Japan's top currency diplomat Masato Kanda said last week that Japanese authorities are watching foreign exchange market movements very sensitively and will take necessary measures to support the local currency if necessary.
Kanda added that the recent moves were rapid and could have a negative impact on the Japanese economy. Kanda explained that the current weakness of the yen reflects both economic fundamentals and speculative movements.
Expectations
Japanese finance ministry officials have taken the first step on the ladder of escalating intervention by warning against rapid moves and threatening to take action even outside their own timeframe, said Mark Chandler, chief market strategist at Bannockburn Global Forex.
Chandler added: There appears to be little on the charts to deter a test of last year's lows of 152 yen per dollar.
Artistic view
Dollar vs. Yen breaks support - Analysis - 02-19-2024
