Japanese Yen ($USD/JPY) Forex Forecast: Down 0.2% Today

What is Japanese Yen?

The USD/JPY currency pair represents the exchange rate between the US dollar and the Japanese yen. Today, it experienced a strong bearish movement.

Why is Japanese Yen going down?

USD/JPY forex is down 0.2% on Apr 29, 2024 4:10

• The Japanese yen hit its weakest levels since April 1990, falling to 160 against the US dollar, indicating a significant devaluation of the yen.
• The bearish movement in USD/JPY can be attributed to the weakening of the Japanese yen amidst a nervous and illiquid market, with traders testing key levels and stop-loss orders.
• The overall market sentiment was mixed, with Asian shares rising on optimism over the Wall Street tech rally but the yen crumbling against the US dollar, possibly due to concerns about the Federal Reserve policy meeting.
• The USD's surge and the yen's weakness may have been influenced by the broader economic dynamics, including the reemergence of 1980s-style trade policies like the proposed 60% tax on Chinese goods, creating volatility in the currency markets.

USD/JPY Price Chart

USD/JPY News

Yen hits weakest level since April 1990, trips past 160 per US dollar

The Japanese yen hit its weakest levels since April 1990 on Monday, in trading thinned by a holiday in Japan and attempts by traders to test key levels and stop-loss orders in a nervous, illiquid market. The dollar rose as far as 160.245 yen in a sudden move after the yen traded in a narrow ...

https://www.business-standard.com/world-news/yen-hits-weakest-level-since-april-1990-trips-past-160-per-us-dollar-124042900060_1.html

Asia shares rise as Fed rate interest decision looms large; yen crumbles

Asia shares rise as Fed rate interest decision looms large. yen crumbles Business Standard ...

https://www.business-standard.com/world-news/asia-shares-rise-as-fed-rate-interest-decision-looms-large-yen-crumbles-124042900064_1.html

Stock market today: Asian shares rise, cheered by last week's tech rally on Wall Street

TOKYO ( AP ) - Asian shares were trading higher Monday amid optimism over the rally that ended the week on Wall Street, although eyes were on the Federal Reserve policy meeting set for later this week. Sydney's S&P/ASX 200 added 0.6% in early trading to 7,621.40.

https://apnews.com/article/stock-markets-fed-rates-inflation-holidays-396a334922743bfe255cca7aa8a308ac

Japanese yen weakens to 160 against the U.S. dollar for the first time since 1990

The Japanese yen weakened to 160 against the U.S. dollar in Monday morning trading in Asia.

https://www.cnbc.com/2024/04/29/japanese-yen-weakens-to-160-against-the-us-dollar-for-the-first-time-since-1990.html

Dollar's Surge Making 1980s Traumas Great Again

The 1980s are back in Asian economic circles, and not in a good way. The most obvious time-warp dynamic is Donald Trump's desire to make great again policies that might've worked 40 years ago. A centerpiece of the former U.S. president's strategy to win another term is a 60% tax on Chinese goods.

https://www.forbes.com/sites/williampesek/2024/04/27/dollars-surge-making-1980s-traumas-great-again/

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Japanese Yen Price History

26.03.2024 - USD/JPY Forex was up 0.7%

• The Japanese yen reached a new 34-year low against the US dollar following the Bank of Japan's decision to keep interest rates steady. The absence of clear guidance from the BoJ disappointed investors, resulting in a weaker yen.
• The USD/JPY pair achieved a record high as the BoJ began its two-day monetary policy meeting with expectations of maintaining interest rates at zero. This expectation of stability likely boosted the US dollar relative to the yen.
• The drop in the Nikkei Stock Average by 2.16%, driven by profit-taking and negative signals from Wall Street, could have additionally weakened the yen, contributing to the upward momentum of the USD/JPY pair.
• The green loan secured by the State-owned REC from the Italian export credit agency SACE to support eco-friendly projects in India did not have a direct impact on the currency pair but highlighted global financial transactions involving the Japanese yen.

29.01.2024 - USD/JPY Forex was down 0.3%

• The bearish movement in the USD/JPY currency pair could be attributed to growing speculation that the Bank of Japan (BOJ) may abandon its negative interest rate policy soon, potentially strengthening the Japanese yen against the US dollar.
• Despite the bearish movement, the Japanese market reached all-time highs, with the Nikkei 225 index setting records. This positive performance of the Japanese market may have further boosted the strength of the yen.
• The opening of a semiconductor plant in Japan by Taiwan's chip giant TSMC may have also contributed to the bullish sentiment surrounding the Japanese yen, signaling potential economic growth and technological advancements in Japan that attract investors to the yen.