Analysts Surprised as Japanese Yen Weakens Further Against US Dollar Despite Expectations of Appreciation
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The Japanese yen has continued to weaken against the US dollar, surprising analysts who had expected the yen to appreciate in 2024. The yen has lost nearly 7% against the dollar this year, making it the worst-performing developed-market currency. The yen's weakness is attributed to factors beyond Japan, including US monetary policy and global investor sentiment. The historical relationship between US economic conditions and monetary policy did not hold true this time, as rising interest rates had a limited impact on the US economy. The yen's depreciation is also influenced by carry trades and the global macro outlook. Currency forecasters are advised to consider the evolving world and question their assumptions .
Despite the Bank of Japan's decision to end negative interest rates, the yen...
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