22 Days
Source:
اقتصاد سكاي نيوز عربية
Yen declines after rate hike
The relationship between the Bank of Japan raising interest rates and the decline of the yen witnessed a drop in the yen against major currencies following the bank's decision to hike interest rates to the highest level in more than 30 years. However, the Japanese currency's decline did not stop, coming after inflation in Japan stabilized near the central bank's target of 2%, reflecting inflationary pressures. The yen reached 156.91 against the dollar, down by 0.6%, while it fell by 0.7% against the euro to 180.21. The market is now closely watching the press conference of the Bank of Japan Governor Kazuo Ueda for further hints on monetary policy, while the euro and dollar remained stable. The Australian dollar rose by 0.2%, and the New Zealand dollar declined by 0.2%. These movements come amid expectations that the Federal Reserve may raise interest rates next month, driven by increased odds of about 53%, amid a drop in US bond holdings to their lowest level in nine months.
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