On the 28th, the yen depreciated to the 125 yen level at one point, and in the Tokyo market on the 29th, there was a movement to buy the yen, and the yen exchange rate remained at the 123 yen level.
In the foreign exchange market, the yen has been depreciating recently, and on the evening of the 28th, yen selling and dollar buying intensified at a stretch, and the yen exchange rate temporarily rose to 125.10 yen per dollar for the first time in about 6 years and 7 months. It became a low level.
Behind the depreciation of the yen, the Bank of Japan has decided to carry out a "continuous limit operation" to buy unlimited government bonds at a specified yield for three days from the 29th in order to curb the rise in long-term interest rates.
Investors were aware of the interest rate differential between Japan and the United States, where interest rates are low, and dollar buying and yen selling accelerated, but on the 29th, there was a move to buy yen, which had fallen.
As of 5 pm, the yen exchange rate is 35 yen compared to the 28th, and the yen's appreciation against the dollar is 1 dollar = 123.57 yen to 59 yen.
Compared to the 28th, the euro is 21 yen, and the depreciation of the yen is 1 euro = 135.92 yen to 96 yen.
The yen exchange rate was around 115 yen per dollar at the beginning of March, but the yen has depreciated by 10 yen for a while in the last three weeks.
Market officials said, "There was a move to buy back the yen due to the sharp depreciation of the yen, but the situation where the depreciation of the yen is likely to continue continues, and investors will look for changes in the response of the government and the Bank of Japan. ".
Chief Cabinet Secretary Matsuno "Rapid fluctuations are not desirable"
Chief Cabinet Secretary Matsuno said at a press conference in the afternoon, "Forex stability is important and rapid fluctuations are not desirable. The government, especially including the recent depreciation of the yen, trends in the foreign exchange market and the Japanese economy. I would like to pay close attention to the impact on the market with a sense of tension. I would like to take appropriate measures while maintaining close communication with the monetary authorities such as the United States. "
Keizai Doyukai Secretary-general Sakurada shows strong concern about yen depreciation
At a regular meeting on the 29th, Keizai Doyukai's secretary-general Sakurada said, "The Japanese economy is not only pulled by exports, and the service industry already accounts for a high proportion of GDP = gross domestic product. The prices of food and crude oil will rise further, putting a burden on the damaged areas of the new Corona. "
On top of that, he said, "There is a strong voice among business owners who are members of the Doyukai that the depreciation of the yen has gone too far." He expressed strong concern.