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Japanese Yen Depreciates to Weakest Against Dollar in Seven Years

March 28, 2022 by Forex Winner Leave a Comment

Japanese Yen

Source: Financial Times

The Japanese yen plunged to its weakest level against the US dollar in seven years on Monday after its central bank offered to boost its bond-buying program. EWJ is down 1.74%.

  • The yen depreciated by over 2% to reach ¥125 versus the dollar, with traders expecting more weakness.
  • The currency has already dropped by over 7% so far this month, making March its worst in six years since 2016.
  • The depreciation comes after the Bank of Japan offered to purchase unlimited 10-year government bonds.
  • The boost in the bond-buying program is in a bid to prevent benchmark debt yields from growing above its policy target.
  • Yields reached 0.245% for the first time in six years since January 2016, hitting the upper band of the yield curve control policy.
  • Strategists believe the latest move is “policy divergence on steroids,” with the central bank aiming to stop bonds from being driven higher.

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Filed Under: Forex News Tagged With: Dollar, Japan, Yen

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