- Investors see greenback strengthening further as U.S. tightens monetary policy
According to media reports and Nikkei Asia’s article published on October 18, 2022, the yen depreciated past 149 against the dollar at one point during New York trading on Monday, reaching a fresh 32-year low amid speculation of a further strengthening by the American currency.
The yen had previously hit a low of 148.86 on Friday.
Group of 20 finance ministers and central bankers on Thursday discussed the global impact of American monetary tightening, issuing a statement saying the G-20 is "committed to calibrate the pace of monetary policy tightening appropriately."
Still, market watchers expect U.S. interest rate hikes to continue driving up the greenback's value, especially after President Joe Biden said Saturday that he was "not concerned about the strength of the dollar."
"Market-determined exchange rates are the best regime for the dollar," Treasury Secretary Janet Yellen said Friday.
With the Japanese currency plumbing historic lows, many investors expect Tokyo to conduct another dollar-selling operation to shore up the yen. Some believe that the government is already surreptitiously intervening in the foreign exchange market.
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Published on October 18, 2022 5:37 AM (GMT+8)Last Updated on October 18, 2022 5:37 AM (GMT+8)
