FRB = Federal Reserve System Chairman Powell's congressional testimony, the yen exchange rate temporarily fell to the 137 yen level in the New York foreign exchange market on the 7th.
In response to Chairman Powell's testimony to Congress on the 7th, he said, "We are ready to accelerate the pace of rate hikes." As a result, the movement to sell the yen and buy the dollar progressed.
A market insider said, ``There are speculations that the FRB will increase the range of interest rate hikes at its monetary policy meeting to be held later this month, leading to yen selling and dollar buying.''
The Dow Jones Industrial Average temporarily fell by more than $500
In addition, the New York stock market on the 7th saw an increase in sell orders, and the Dow Jones Industrial Average dropped sharply to over $500 at one point.
Fed Chairman Jerome Powell's testimony to Congress has fueled fears that the economy will cool if the Fed raises interest rates faster to keep inflation in check, leading to a decline in stocks.
A market insider said, ``If inflation continues to take a long time to settle, further interest rate hikes will become necessary. I'm here.