JAPANESE YEN REVISITS 1990 LOWS AGAINST DOLLAR; JPYINR STAYS CHOPPY

Published on Nov 09, 2023 16:10

The Japanese yen revisited its 1990 lows on Thursday, depreciating beyond 151 levels increasing intervention expectations by the Japanese authorities. The last time the yen had breached the 150 level before October last year was in early-1990, during the onset of the lost decade. Japanese interest rates staying at ultra low levels in contrast to hawkish signals from Fed are widening interest rate gaps between the two countries. BoJ Governor Kazuo Ueda reiterated on Wednesday that the central bank will stick to ultra-loose policy until the recent cost-push inflation shifts into price rises driven more by robust domestic demand and higher wages. The BOJ kept its policy rate steady at -0.1% and maintained the 10-year JGB yield target at around 0%, while making small adjustments to its yield curve control policy. USDJPY pair is currently quoting at 151.13, up 0.11% on the day. Meanwhile, on the NSE, JPYINR futures were trading lower by 0.28% at 55.32.