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Yen Rebounds On Intervention Risks

Today market analysis on behalf of Robert Brown, Head of Strategic Development at MAS Markets.


June 25, 2024 ( Newswire) The Japanese yen experienced significant volatility and recovered slightly after dropping to its lowest level against the US dollar since late April, nearing the 160 mark. The market reacted as Japan was vocal about its intent to intervene in currency markets if necessary to stabilize the yen. This coincided with an increase in Japanese government bond yields following a hawkish tone in the Bank of Japan’s (BoJ) recent meeting, hinting at potential interest rate hikes. The 10-year JGB yield breached the 1% mark, its highest since mid-June. Looking ahead, the Japanese yen may strengthen as the BoJ considers reducing bond purchases and raising interest rates. However, the rate differentials with other major currencies could continue weighing the yen in the meantime. Furthermore, the market anticipates a slowdown in retail sales growth to 2% year-on-year for May, down from April’s figures. In April, retail sales in Japan grew by 2.4% year-on-year, accelerating from a revised 1.1% increase in the previous month, surpassing market expectations. A better-than-expected retail sales figure, to be released on Thursday, could further bolster the yen.

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