In the London foreign exchange market on the 22nd, the movement to sell the yen and buy the dollar became stronger, taking over the flow of the Tokyo market where the yen depreciated, and the yen exchange rate temporarily became 121 yen per dollar for the first time in 6 years and 1 month. The price has dropped to the table.
In the London foreign exchange market on the 22nd, the movement to buy the dollar has further strengthened from the view that the US interest rate may rise faster than expected.
As a result, the yen exchange rate temporarily dropped to 121 yen per dollar, and the yen depreciated to the highest level for the first time in 6 years and 1 month since February 2016.
Market officials said, "The yen with lower interest rates is easier to sell from the perspective that the pace of interest rate hikes in the United States will be faster than expected and the interest rate differential between Japan and the United States will widen."