The US dollar briefly surged to near its 2024 high against the Japanese yen, then quickly fell



June 22 — The US dollar against the yen briefly rose above 161.90, before sharply dropping to 161.20. However, this round of decline has been met with buy-side support, and the exchange rate quickly rebounded to 161.65. Japanese officials have repeatedly issued warnings, saying they are closely monitoring market developments. Last Friday, the USD/JPY exchange rate recorded the highest weekly closing price in 40 years, and the end of the Iran war does not appear to have brought relief. Earlier today, the rise broke through June’s high of 161.80, but the intraday high of 161.94 in July 2024 has not yet been surpassed (despite being in a precarious position). As the Ministry of Finance faces tests, yen trading will enter a period full of variables.
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