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The Yen updated 7-year lows


30 March 2022 Written by Dmitriy Gurkovskiy  Senior analyst at RoboForex Dmitriy Gurkovskiy

The uptrend in USDJPY continues, market players are interested in buying. The Japanese Yen is falling against the USD and updating its 7-year lows. The current quote for the instrument is 123.75. Demand for the “greenback” as a “safe haven” asset remains quite high, forcing the Yen to fall. In addition to that, there is a local reason for this movement. After the Bank of Japan suggested buying an unlimited amount of 10-year bonds, the Yen boosted its decline. 

The statistics published in the morning showed that the Unemployment Rate in Japan dropped to 2.7% in February after being 2.8% the month before. It’s good news as it confirms that the country’s economy has some underlying strength.

The Minister of Finance Shunichi Suzuki spoke earlier today and said that the government might tap emergency budget reserves first to fund measures to counter rising oil prices. The authorities are also monitoring the currency market fluctuations to avoid any negative consequences of the Yen plunge. 

Moreover, the Japanese regulator is watching inflation and believes that it might boost up to 2% in April. At the same time, the Japanese CPI is looking much weaker than in Europe or the US, where inflation might hit its all-time highs and get back to normal only after the pandemic and supply shortages are over. Bank of Japan for a long time and now this problem is being resolved in a very unexpected fashion.

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