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Japanese Yen Strengthens on Verbal Intervention
Friday, 8 November 2024 10:57 WIB | USD/JPY | Yen

The Japanese yen stabilized around 152.8 per dollar on Friday after Finance Minister Katsunobu Kato signaled that Japan would take "appropriate action" to address excessive foreign exchange fluctuations. Kato reiterated official warnings against speculative moves in the currency market and emphasized that the government is closely monitoring the impact of Donald Trump's policies on Japan's economy.

Kato's comments came after opposition leader Yuichiro Tamaki warned that Trump's policies could intensify inflation in the US, potentially putting further downward pressure on the yen. On Wednesday, the yen had fallen nearly 2%, pressured by a sharp rally in the dollar following Trump's decisive victory in the US presidential election. However, the yen rebounded about 1% the following day, as traders took profits on the dollar and as the Federal Reserve lowered interest rates by 25 basis points.

Source: Trading Economics

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