Will coordinated Japan-US intervention and long-term rates above 3% fail to turn the yen stronger?

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โดย トウシル 楽天証券の投資情報メディア·USJP·Read original
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In August, the dollar-yen rose to the 160 level on growing expectations of US rate hikes, and a firm tone is expected in September as well. At the G20 finance ministers and central bank governors meeting held from August 31 to September 1, US Treasury Secretary Bessent held separate talks with Finance Minister Katsuyama Satsuki and Bank of Japan Governor Ueda Kazuo, with the US strongly urging correction of the yen's weakness. On August 27, BOJ Deputy Governor Himino Ryozo did not commit to a rate hike in his speech, dampening expectations of a September hike. Meanwhile, Federal Reserve Chair Warsh struck a hawkish tone at the Jackson Hole symposium, boosting expectations of a September rate increase. On September 1, the US Treasury Department revealed that during Secretary Bessent's meeting with Governor Ueda on August 30, Bessent noted that "the yen's weakness is intensifying inflationary pressures in Japan" and expressed "strong support for Japan taking decisive market and monetary policy measures to address excessive yen weakness." Despite coordinated Japan-US intervention and domestic long-term rates exceeding 3% for the first time in 30 years, the view was expressed that the shift toward a stronger yen would be limited.

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