JPY holds within a flat range. Overview for 22.02.2024

The Japanese yen, paired with the US dollar, continues to consolidate. The current USDJPY exchange rate stands at 150.22.

On Thursday, the Japanese Minister of Finance, Shunichi Suzuki, stated that the authorities have no defence line for the currency and the market. At the same time, the government deems it necessary to monitor volatility in the market, as the yen has declined significantly against the dollar in recent days.

Japanese ministers are known for their inclination to talk about important matters without saying anything meaningful.

The yen could recover while the US dollar retreats globally due to the vague interest rate outlook. However, this is not happening.