The Japanese yen strengthened to around 134.6 per dollar, but remained close to a 24-year low hit earlier this week as the Bank of Japan adhered to its low-yield, stimulative policy at a time other major central banks are racing ahead with interest rate hikes. The central bank also resisted market pressure on the yen and government bonds amid earlier speculations mainly among foreign investors that the bank may tweak its current yield control policy. The BOJ left its key short-term interest rate unchanged at -0.1%, and the one for 10-year bond yields around 0% at its June meeting, as widely expected. The board also said it would offer to buy unlimited amounts of the bonds to defend an implicit 0.25% cap every day, repeating the guidance on market operations it made in April. Meanwhile, the BOJ recently made a rare reference to the currency market, saying it needed to watch its impact on businesses and the wider economy.
Historically, the Japanese Yen reached an all time high of 358.44 in January of 1971. Japanese Yen - data, forecasts, historical chart - was last updated on June of 2022.
The Japanese Yen is expected to trade at 136.54 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 141.43 in 12 months time.