According to Kyodo News Tokyo September 7, the momentum of buying USD and selling yen in the early trading of the 7th was greatly intensified, and the yen depreciation exceeded the 1 USD-144 yen mark, hitting a new low in 24 years since August 1998. As the main U.S. and Europe central banks have raised interest rates one after another, the Bank of Japan, which has remained stable and maintained its ultra-low interest rate policy, appears to be more independent and negative for the yen exchange rate.
reported that the yen depreciated rapidly overnight as US economic data performed better than market expectations. The Tokyo foreign exchange market also continued this trend. Federal will decide this month's Federal Open Market Committee meeting to increase the yen's decline.
According to " Nihon Keizai Shimbun " on September 7, taking the opportunity of the US interest rate hike, the depreciation trend of the yen has been strengthening and has fallen to its lowest level in 24 years.
report believes that the depreciation of the yen is not limited to the decline in the exchange rate against the US dollar, but the yen against emerging countries and the Russian currency that has been subject to economic sanctions on , and the exchange rate of has also declined. Some experts pointed out that the background factor is the sluggish economy of .
reported that the United States has accelerated interest rate hikes since the spring of this year, causing the dollar to strengthen. More and more people believe that Japan has been implementing quantitative easing policies to keep interest rates at a low level, and the interest rate gap between Japan and the United States will further widen. Selling , the interest rate , the trend of buying US dollar accelerates. Ueno Takashi of the Institute of Basic Research of Hittology said: "Depending on the US price index and the monetary policy of Japan and the United States, the yen may depreciate to the level of 1 US dollar against 145 yen." The
report believes that the depreciation of the yen is also very obvious in terms of currency exchange rates other than the US dollar.
compares the exchange rate of currencies in various currencies against the US dollar from the beginning of this year to September 5, with the euro falling 14%, the pound falling 17%, the renminbi falling 9%, and the yen falling 22%.
report pointed out that the exchange rate of the yen against other emerging currencies also fell, with the yen falling 10% against the Thai baht, depreciating 14% against the Indian rupee, and the exchange rate of Brazilian real falling 32%. After Russia was sanctioned by the United States and Europe, ruble once depreciated sharply, and the yen exchange rate against the ruble also fell by 50%.
reported that over the longer period of time, the decline in competitiveness of the yen is even more significant. A summary of data from Dongshou Research, analyzing financial markets, found that in terms of the change rate of 's actual effective exchange rate as of July this year, the RMB and the US dollar rose, and currencies in 27 countries and regions including the Japanese yen fell. The actual effective exchange rate is an international indicator that shows the purchasing power of currencies in 60 countries and regions over the past 20 years. The yen fell the biggest, at 46.3%, far exceeding the currencies of Argentina and Türkiye and , which have continued economic chaos.
Hengo Kumano from the First Life Research Institute said: "Even if the currency depreciates, the competitiveness of the industry has not improved. The purchasing power of the people has declined."
reported that Kato Hiroshi of Toklaunch Research has been known as a "Bank of Japan observer" for many years. He warned that the yen may gradually become junk coins in the future due to excessive depreciation.
He pointed out with concern: "The only industries that benefit from the depreciation policy of the Japanese yen are only part of the industries, and consumers will be the losers who suffer losses. Many people's purchasing power has dropped significantly and life is difficult." Kato Izumi said: "The Bank of Japan's monetary easing policy exceeds the scope of pain relief for companies that have lost their competitiveness."
According to Japan's " Daily News " report on September 8, the yen continues to depreciate in the foreign exchange market . In Japan, there has been a long saying that "the depreciation of the yen is beneficial to the Japanese economy." Recently, the disadvantages of the depreciation of the yen have become prominent. As the pillar of Japan's manufacturing industry, the automobile industry is one of the industries that is often affected by the fluctuations in the yen exchange rate. This newspaper interviewed Shiga Toshiyuki, who was once the chief operating officer of Nissan Motor Company.
Shiga Toshiyuki believes that Japan has become a country that relies on imported products, partly because the appreciation of the yen in the past has caused the price of imported products to fall.Since the import volume is huge, the current trend of depreciation of the yen is not a good thing.
reported that, indeed, the yen is weak, if overseas sales and overseas dollar assets are converted into yen, the amount will increase, and the figures of automobile companies in terms of financial performance will improve. However, if the yen depreciates, the cost of imported parts required for domestic production will increase, so there will be basically no practical benefits.
Shiga Toshiyuki said that some people might think: "Isn't it better to switch to purchasing from Japan?" However, when the yen strengthened in the past, automakers moved overseas, and parts manufacturers also moved overseas. The global supply chain has been fully established, and returning to the country is not easy. Japan also has a serious labor shortage problem, and even if we want to resume production, ensuring labor at home will become a bottleneck.
Source: Reference Message Network
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