In the New York foreign exchange market on the 5th, there was a move to sell the yen and buy the dollar due to the view that the pace of interest rate hikes would accelerate as the US employment statistics showed a favorable employment environment. At one point, the price fell to the mid-135 yen level to the dollar.
In the New York foreign exchange market on the 5th, according to the employment statistics of the United States last month announced on this day, the growth of non-agricultural workers and the growth of the average hourly wage of workers exceeded market expectations, and the unemployment rate also improved. As a result, there was widespread speculation that the pace of rate hikes would accelerate.
As a result, long-term interest rates in the United States rose, and there was a movement to sell the yen and buy the dollar in response to the growing interest rate differential between Japan and the United States, and the yen exchange rate temporarily fell to the mid-135 yen range to the dollar.
A market insider said, ``The Federal Reserve Board, which is the central bank, decided to raise interest rates by 0.75% in June and last month, which is three times higher than usual, but due to the favorable employment environment, next month's rate is expected to rise. At a meeting to decide monetary policy, there was a view that the interest rate would continue to be raised by 0.75% to curb inflation, which led to a move to buy the dollar."