Analysis of recent Aussie→yen forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Australian dollar to Japanese yen performance and trends.
Forecasts for AUD to JPY
Amid the landscape of fluctuating interest rates and commodity prices, FX analysts are anticipating an uptick in the Australian dollar (AUD) leading into 2024. The Reserve Bank of Australia's (RBA) historically conservative approach to interest rate hikes in 2022 initially placed the AUD at a disadvantage when matched against majors like the USD, EUR, and GBP. However, looking forward, market view suggests that as the global economic scene evolves, with other countries potentially cutting rates while the RBA continues its tightening cycle, the gap in interest rate differentials will narrow. This anticipated shift is expected to bolster the value of the AUD, particularly as Australia's status as a major commodity exporter means that currency movements are often reflective of changes in commodity prices and global economic confidence. The Australian dollar's recent uptick towards US66¢, driven by speculation on interest rates peaking in the US concurrent with predicted RBA rate hikes, underscores this forecasted upward trend.
Japanese yen (JPY) projections are painting a different picture. Analysts from ING and Societe Generale are forecasting a decline in the USD/JPY pairing to levels around 130 and 125, respectively, by the end of 2024. Likewise, with the expectation of the Bank of Japan (BoJ) potentially shifting away from its long-standing loose monetary policy, TD Securities suggests an early 2024 level of 135 for USD/JPY. With FXStreet's commentary on potential support for the JPY in the latter half of 2024 depending on the US Federal Reserve's rate adjustments, it appears that JPY could see increasing valuation later in the forecast period. Considering that Japan imports virtually all of its oil, the recent decline in oil prices, with Brent Crude OIL/USD trading 5.3% below its 3-month average and exhibiting notable volatility, might contribute to lesser inflationary pressures in Japan, thereby influencing the JPY value indirectly.
In terms of direct AUD/JPY currency pair movement, current data shows the pair trading at 97.96, which is 2.3% above the 3-month average and within a relatively stable range. The AUD's rise comes amidst market speculation that suggests an ongoing appetite for riskier assets, as well as Australia's iron ore demand, particularly from China. This, combined with the AUD's recovery on the back of domestic monetary policy expectations and commodity price dynamics, could indicate a relatively optimistic trajectory for the AUD against JPY moving into 2024.
@bestfxrates : FX analysts foresee AUD strength as RBA rate hikes contrast with global cuts. With Aus as a commodity powerhouse & a narrowing interest rate gap, AUD is trending up. Meanwhile, JPY faces headwinds, potentially lifting AUD/JPY from current 97.96. Eyes on AUD's climb into 2024. #AUDJPY #ForexTrends
We can help you get an even better deal when sending a Large International Money Transfer.
Click below for the Request Quotes form and enter your transfer details (BER account required).
Compare & Save - Australian dollar to Japanese yen
Exchange rates can vary significantly between different currency exchange providers, so it's important to compare
Australian dollar (AUD) to Japanese yen (JPY) rates from different sources before making a conversion.
AUD to JPY calculator to see how much you could save on your international money transfers.
makes it easy to compare the Total Cost you are being charged on Aussie to yen currency rates and the possible savings of using various providers.
16 Nov 2023
01 Sep 2023
30 Nov 2022
01 Dec 2018
02 Dec 2013
05 Dec 2003
AUD/JPY historic rates & change to 30-Nov-2023
Will the Australian dollar rise against the Japanese yen?
It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.
To help with this you can add AUD/JPY to your personalised BER Smart Rate Tracker to track and benefit from currency movements.
Rather than requiring you to set a target rate, our FX Alerts work differently. Once you add a currency pair for tracking in your watchlist we can select to be notified daily for any UP▲DOWN▼HIGH▲LOW▼ alerts over a range of periods over the recent 90 days.
Read our Currency guide to Japan - a practical currency and money guide to travel, living and doing business in Japan with the Japanese yen.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more