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Forex Today: Kuroda Sends Yen Tumbling Again


on April 11, 2022

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Forex Today: Kuroda Sends Yen Tumbling Again
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The Yen weakened considerably during the Asian session, with the USD/JPY currency pair reaching as high as JPY125, after Governor Kuroda reiterated the importance of the Bank of Japan’s 2% inflation policy and stated that the Bank’s ultra-loose monetary policy will continue until that inflation target is reached. There is no question this a very divergent policy and it positions the Yen as clearly the weakest of all major currencies.


The yen is a popular asset during turbulent times.

The Forex market is now dominated by strength in the US Dollar, which reached a long-term high after its advance last week, and weakness in the Japanese Yen. There is also short-term weakness in the Australian Dollar.The USD/JPY currency pair closed Friday at a multi-year high closing price. The pair looks likely to rise further over the coming days as it continues to rise with some momentum.Global stock markets are mostly lower along with US Treasuries, due partially to ongoing concerns over inflation and rising rates. The 10-Year US Treasury yield has hit a 3-year high of 2.77% after rising strongly over recent days.Agricultural commodities mostly rose during Friday’s session, with sugar, corn, and soybeans reaching new highs.President Macron of France will face Marine Le Pen in the final round of the French presidential election. Opinion polls show Macron very narrowly ahead.Bitcoin has continued to trade lower and is threatening to break below the nearest support level at $41,707.Daily new coronavirus cases globally fell last week for the third consecutive week.It is estimated that 64.7% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 6.3% of the global population is known to have contracted the virus at some stage.Total confirmed new coronavirus cases worldwide stand at over 499.1 million with an average case fatality rate of 1.24%.The rate of new coronavirus infections appears to now be increasing only in Barbados, Bhutan, China, Malta, and Taiwan.A hard testing lockdown continues into its third week in Shanghai, China.

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