In the New York foreign exchange market on the 20th, the yen exchange rate dropped to the low 150 yen level against the dollar against the backdrop of the expectation that the pace of interest rate hikes in the United States would accelerate, renewing the weak yen level for the first time in about 32 years.
The yen exchange rate fell to the 150 yen level to the dollar on the 20th, which is considered a milestone in the Tokyo foreign exchange market.
In the New York market on the 20th, the yen weakened further, falling to the low 150 yen level to the dollar, renewing the weak yen level for the first time in about 32 years.
In response to remarks on monetary policy by executives of the Federal Reserve Board, which is the central bank, there is growing speculation that the pace of interest rate hikes will accelerate, and long-term interest rates in the United States have risen to the 4.2% level, the first level in about 14 years. did.
As a result, the yen-selling and dollar-buying movements accelerated from the view that the interest rate differential between Japan and the United States would widen further.
On the 22nd of last month, the government and the Bank of Japan decided to intervene in the market by selling the dollar and buying the yen, and the yen exchange rate temporarily rose to the lower 140 yen level to the dollar, but since then the yen has depreciated by about 10 yen. .
A market insider said, ``Although there is still a deep-rooted sense of caution about market intervention, the current situation is that the yen is depreciating as the US interest rate rises.''