The yen is falling rapidly. Overview for 15.03.2024

The Japanese yen, paired with the US dollar, is easily retreating. The current exchange rate for USDJPY is 148.33.

The US dollar appears strong again in the global currency market, exerting pressure on the JPY, including other currencies.

Japan's Finance Minister, Shunichi Suzuki, announced this morning that the Japanese economy is no longer deflationary due to strong wage growth in the country. This is interesting because earlier, the Prime Minister of Japan, for example, mentioned that boasting full control over deflation is not yet possible.

As Suzuki says, the Japanese authorities have mobilised all forces to maintain positive dynamics of wages.

This comment is relevant before the Bank of Japan holds its next meeting next week.

Forecasts are mixed because there is a serious possibility of the BoJ abandoning its ultra-low interest rate policy.