YEN DECLINES TO A LOWER 144 LEVEL AS COMPARED TO THE DOLLAR

 

In response to rumours that the Federal Reserve will continue raising interest rates in the wake of positive U.S. economic statistics, the yen plunged to the lower 144 level and hit a fresh 24-year low of 144.38 against the dollar on Wednesday in Tokyo.

Dealers stated that after crossing the 143 barrier in New York overnight, the dollar was still being bought in Tokyo as the possibility that the Fed will continue with aggressive interest rate hikes rose due to stronger-than-expected U.S. nonmanufacturing data from the Institute for Supply Management.

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As the Bank of Japan maintains its ultraloose monetary policy, further increases would result in growing interest rate spreads between the United States and Japan.

Japanese government officials had indicated that if the yen's fast depreciation persisted, the nation might step in. Nevertheless, the yen kept falling.

As a result of the government's warning being viewed by the market as "simply talk" and "lacking details," according to Tomoichiro Kubota, senior market analyst at Matsui Securities Co.

Kubota continued, saying that the market might "test the 147 level that the Japanese yen reached in 1998."

The European Central Bank is expected to raise interest rates on Thursday in order to combat the region's rising inflation, a move that traders said would further harm the economy of the Eurozone and might sustain the momentum of dollar buying versus other currencies.

Yukio Ishizuki, a senior foreign exchange strategist at Daiwa Securities Co., said that after (a potential) 0.75 percentage point rate hike by the ECB, investors will continue to sell the euro versus the dollar, driving the dollar higher.

As opposed to 142.74-84 yen in New York and 141.53-55 yen in Tokyo at 5 p.m. Tuesday, the dollar was worth 143.89-91 yen at that time.

In New York, the euro was quoted at $0.9902-9912 and 141.33-43 yen; in Tokyo, it was quoted at $0.9975-9976 and 141.18-22 yen late on Tuesday afternoon.

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