The Japanese yen steadied near 146 per dollar as softer-than-expected US economic data bolstered bets that the Federal Reserve will likely hit the brakes on its interest rate hikes. Fed Chair Jerome Powell also said in his Jackson Hole speech that they are proceeding with caution on any additional hikes as progress has been made on inflation and due to economic risks. Still, the yen remained close to its weakest levels in over nine months and continued to thread levels that prompted Japanese authorities to intervene in the currency markets last year. In the latest developments, Bank of Japan board member Naoki Tamura said the central bank will maintain ultra-easy monetary policy for now as it needs more evidence that the 2% inflation target can be met in a sustainable manner.
Historically, the Japanese Yen reached an all time high of 358.44 in January of 1971. Japanese Yen - data, forecasts, historical chart - was last updated on August of 2023.
The Japanese Yen is expected to trade at 149.34 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 158.53 in 12 months time.