| 6:16:04 PM - Wed, Jun 15th 2022 |
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Yen at risk of declining vs dollar into Q4 or later, economists say
The yen is at risk of weakening further against the dollar for at least the rest of 2022, more than two-thirds of economists polled by Reuters said, underscoring the consequences of the Bank of Japan being the lone major central bank clinging to easy policy.
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The BOJ is sticking to stimulus, ramping up bond buying to defend its yield cap even as the U.S. Federal Reserve, already on an aggressive campaign of half-point rate rises, looks set to debate an even bigger move of 75 basis points on Wednesday.
The resulting yen weakness is increasingly becoming a source of contention for policymakers. It hurts household budgets by driving up living costs that are already rising due to global inflation, offsetting the boost a cheaper currency gives exporters.
The Japanese currency has lost more than 14 per cent against the greenback so far this year, briefly slipping as low as 135.58 yen per dollar on Wednesday, its lowest since October 1998, which was a time of global financial strain after a Russian debt default.
Wednesday's level was already close to the weakest forecast for the next 12 months provided by any of 47 foreign exchange strategists polled by Reuters just two weeks ago - 135.67 per dollar.
The yen's slide has been so severe that it led the government and the central bank to issue a rare joint statement on Friday expressing concern.
"The yen is likely to remain vulnerable to weakening as the Fed's rate hikes and the rise in long-term Treasury yields continue throughout the year," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute.
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