Reserve

2024

Bank

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/japanese-yen-surges-against-us-dollar/" data-wpel-link="internal">Japanese Yen Surges Against US Dollar</a> 
Japanese Yen (JPY) made a strong recovery against the US dollar today, testing the 160 level early in the day and reaching its highest point since October 1986. After peaking at 160, the JPY pulled back to the 155 level against the US dollar. This sudden shift in the currency market followed the Bank of Japan‘s (BOJ) decision to maintain interest rates, contrary to general market expectations. 
<h2 style="text-align: justify" id="strong-jpy-s-sharp-recovery-weakens-the-us-dollar-strong">JPY’s Sharp Recovery Weakens the US Dollar</h2> 
The sharp recovery of the JPY, along with reports of Japanese banks aggressively selling the US dollar, is viewed as a potential intervention by the Japanese government. In its latest monetary policy statement, the BOJ confirmed its commitment to bond purchases to sustain healthy economic growth, while also revising its inflation forecasts upwards. Investors had been anticipating an intervention by Japanese officials due to the JPY reaching its lowest level in 34 years and falling over 10% against the US dollar this year. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-345688" src="https://coin-turk.com/wp-content/uploads/2024/04/Kripto-para-japon-yeni.png" alt="" width="803" height="439"> 
According to Reuters, Japan’s top foreign exchange diplomat Masato Kanda declined to comment on market speculation regarding Japan’s intervention in the forex market. Meanwhile, global capital market expert The Kobeissi Letter emphasized the significance of a 2.5% fluctuation in one of the world’s major currencies within minutes, highlighting its potential to impact the global market outlook. The timing of this event shortly after the BOJ’s decision to keep interest rates steady also increased its significance. 
The weakening of the US dollar prompted a positive response in the stock markets, with the US Dollar Index (DXY) falling to 105.46 and US Treasury yields declining. Futures for major US stock indices, including Dow Jones, S&amp;P 500, and Nasdaq, showed signs of recovery. Similarly, Asian markets trended upwards as investors largely ignored the latest inflation report, focusing instead on the upcoming monetary policy decision by the Federal Reserve (Fed) on May 1st. 
<h2 style="text-align: justify" id="strong-dxy-s-decline-raises-hopes-among-crypto-investors-strong">DXY’s Decline Raises Hopes Among Crypto Investors</h2> 
The cryptocurrency market welcomed the decline in the DXY, potentially boosting positive sentiment for a market recovery. Particularly, the US Treasury Department’s announcement this week that it will provide up to 1.4 trillion dollars in liquidity for the second quarter of 2024 was well-received by those holding risky assets. However, the cryptocurrency market continues to be turbulent with liquidation news ahead of the Fed’s monetary policy decision, and ongoing liquidations of long positions are hindering market recovery. 
According to Coinglass, <a href="https://coin-turk.com/madencilik-firmasi-uyardi-koronavirus-bu-firmalara" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/4-uzmanin-kripto-para-tahmini" data-wpel-link="internal">BTC</a>) and <a href="https://coin-turk.com/vitalik-buterin-ethereum-yatirimcilarini-bekleyen-tehlikeyi-acikladi" data-wpel-link="internal">Ethereum</a> (<a href="https://en.coin-turk.com/is-the-favorite-altcoin-eyeing-new-rises/" data-wpel-link="internal">ETH</a>) saw significant liquidations in long positions amid mixed signals from derivative markets. Recent data shows <a href="https://en.coin-turk.com/bitmain-to-invest-53-9-million-in-bitcoin-miner-core-scientific/" data-wpel-link="internal">BTC</a> trading at 62,241 dollars, while ETH is at 3,180 dollars. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/japanese-yen-surges-against-us-dollar/" data-wpel-link="internal">Japanese Yen Surges Against US Dollar</a></h5>

Japanese Yen Surges Against US Dollar

Table of Contents

COINTURK NEWS

Other articles published on Apr 29, 2024

Circle’s USDC overtakes Tether’s USDT in stablecoin transactions — Visa

Stripe now offers AVAX purchase & transfer via Avalanche’s C-Chain

Australia ASX to List First Bitcoin ETFs by End of 2024

New Cryptocurrency Releases, Listings, & Presales Today – SolBlock AI, Multi Universe Central, Bz...

Bitget Onboards Alchemy Pay & GEO Pay, Unlocking Five Key Southeast Asian Currencies for Crypto C...

ETH/BTC Is The Best Proxy For Measuring Altcoin Market Sentiment – Investor

Join our free newsletter for daily crypto updates!