In the New York foreign exchange market on the 5th, the movement of buying the dollar and selling the yen spread due to the view that interest rates will be raised further next year in the United States, and the yen exchange rate temporarily fell to the upper 136 yen level to the dollar.
The Wall Street Journal, a leading American newspaper, reported on the 5th that the FRB = Federal Reserve Board, which is the central bank, may raise interest rates to a higher level next year than investors expected.
In response to this report, the New York foreign exchange market was conscious of the widening interest rate differential between Japan and the United States, and the movement to buy the dollar and sell the yen spread, and the yen exchange rate temporarily dropped to the upper 136 yen level to the dollar.
Labor shortages and rising wages are the main drivers of inflation in the United States, with last month's jobs report released last Friday showing workers earning an average hourly wage 5.1% higher than the same month last year. was shown to continue.
A market insider said, "The economic indicators for the U.S. non-manufacturing industry announced on the 5th also greatly exceeded market expectations, and the view that the U.S. economy is solid has spread. As long as inflationary pressure from rising wages continues next year, interest rates CPI is likely to remain high, and next week's consumer price index will be more closely watched to gauge Fed policy."