In the New York financial market on the 27th, the Dow Jones Industrial Average rose by more than 400 points due to expectations for the future of the economy. On the other hand, the yen was trading in the low 151 yen range to the dollar, as there was a growing sense of caution about market intervention by the Japanese government and the Bank of Japan to stop the yen's depreciation.
The closing price of the Dow Jones Industrial Average on the New York Stock Exchange on the 27th was $39,760.8, an increase of $477.75 from the previous day. This is the first increase in the Dow Jones Industrial Average in four business days.
The S&P 500 stock index, which is calculated using the stock prices of 500 major companies, also hit a new all-time high.
Taking cues from the decline in long-term interest rates in the United States, there was an expectation that interest rates would be cut as early as this summer, leading to growing expectations for the future of the economy and an increase in buying orders.
Meanwhile, in the New York foreign exchange market, the yen exchange rate briefly approached 152 yen to the dollar in the Tokyo market, and Japan's Ministry of Finance, the Financial Services Agency, and the Bank of Japan held an extraordinary meeting, indicating that excessive fluctuations in the exchange rate are not desirable. In response to confirmation of this recognition, there was a growing sense of caution that the Japanese government and the Bank of Japan would intervene in the market to stop the yen's depreciation, and the dollar traded at the low 151 yen level.
A market source said, ``Finance Minister Kanda's statement that he would take appropriate measures without excluding any means was seen as a strong check in the New York market.''