USD/JPY forecasts change all the time, affected by news events and relative sentiment towards the US and Japanese economies and this exchange rate is even more volatile than usual because of the uncertainties around the Coranavirus pandemic.
The weakness of JPY against the greenback stems from market expectations that the Fed Reserve will soon start to hike rates aggressively, while the BOJ is committed to continuing yield curve control.
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The Japanese yen (JPY) continues to lose ground against the U.S. Dollar (USD). For reference, towards the end of April the USD/JPY hit 131 — a 20-Year Low for the yen.
This fall may be due to improving US outlook for interest rates and investors are deserting the Japanese currency in search for better returns.
The USD to JPY currency pair generally goes up whenever there is overall Dollar strength and market’s in a risk-on stance.
The foreign exchange market convention for USD/JPY is to quote Japanese yen as Yen per US dollar. Thus a higher USD/JPY rate actually means one yen is worth less, that is you can buy more yen for 1 USD.
You can read about other USD exchange rate forecasts here US Dollar Trends and Forecasts.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.