The yen depreciated on the Tokyo foreign exchange market on the 1st, and the yen exchange rate renewed the weak yen level for the first time in 24 years since 1998.
At one point, the depreciation of the yen accelerated, with the price dropping by more than 1 yen from the 31st.
In the Tokyo foreign exchange market on the 1st, the movement to buy the dollar and sell the yen, which is expected to have a high yield, increased in response to the rise in long-term interest rates from the view that monetary tightening in the United States will be prolonged.
As a result, the yen exchange rate temporarily fell to the ¥139.60 level against the dollar, a drop of more than ¥1 from the 31st.
The yen exchange rate at 5:00 pm was 139.28 to 29.00 yen to the dollar, 70.00 yen lower than the 31st.
Against the euro, it was 1.7 yen compared to the 31st, and 1 euro = 139.69 to 73 yen as the yen depreciated against the euro.
The euro was 1 euro = 1.0029 to 31 dollars against the dollar.
A market official said, "If interest rate hikes are prolonged in the United States, the economy may also cool down, but first of all, dollar buying and yen selling are becoming dominant, focusing on the widening interest rate differential between Japan and the United States. Investors are expected to make future announcements. There is a growing sense of caution that interest rate hikes may increase further depending on the content of the US economic indicators that will be released."