In the Tokyo foreign exchange market on the 13th, the yen depreciated due to a renewed awareness of the difference in the direction of monetary policy between the United States and Japan.
In the foreign exchange market, the U.S. wholesale price index for September, which was announced on the 12th, exceeded market expectations, and Bank of Japan Governor Kuroda gave a speech in Washington, U.S.A., suggesting that large-scale monetary easing would continue. In response to his remarks, the difference in the direction of monetary policy between Japan and the United States was recognized again, and yen selling and dollar buying accelerated.
As a result, the yen exchange rate dropped to the upper 146 yen level against the dollar, marking the lowest level of yen depreciation in 24 years.
A market insider said, ``The yen has sold since the government and the Bank of Japan, which were perceived as the upper limit of the yen's depreciation among investors, exceeded the level when they intervened to sell the dollar and buy the yen. On the other hand, there is a growing sense of caution against market intervention."