JPY in the markets
The yen was the star performer in the weeks leading up to this report (May-17), with appreciation driven by a flight to safety following a serious escalation in the US-China trade war. The benchmark yen rate, USD/JPY, was down in the mid-109s, having been as high as 112.4 in late April. Relatively speaking, against their April highs, other yen rates had fallen even more (NZD/JPY was down from 76 to 71.6).
In May, HSBC warned against thinking that yen-supporting safe-haven flows would soon stop, implying that the yen could have more upside potential in the near term. The bank highlighted the “desolation and destruction” (an exaggeration) present in many major economies and currencies. “You can never get too high,” the bank’s chief analyst said.
Sotiabank continue to forecast year-end rates for USD/JPY, AUD/JPY and EUR/JPY of 108, 80 and 130 respectively.
You can also read our full Foreign Exchange Guide to Japan.
Japanese yen – Historical Rates
|1 Day||-0.3%||108.8013||13 Nov 2019|
|7 Day||-0.8%||109.2694||07 Nov 2019|
|30 Day||-0.3%||108.8000||15 Oct 2019|
|3 Month||+1.9%||106.3751||16 Aug 2019|
|1 Year||-4.5%||113.5636||14 Nov 2018|
|5 Year||-6.7%||116.2726||15 Nov 2014|
|10 Year||+21.4%||89.2963||16 Nov 2009|
*For period to 14-Nov 21UTC when USD/JPY was 108.4287
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