Japanese Yen keeps falling as the Middle East war enters fifth week
The Japanese Yen (JPY) continues to remain at the receiving when compared to the US Dollar (USD) as a new week begins in Asia on Monday.
The Middle East conflict enters its fifth week, with no signs of a negotiated truce. Instead, the war expanded geographically in the Gulf after Iran-back militant group in Yemen, Houthis, entered the war, striking Israel over the weekend.
Israel reported early Monday that they intercepted two drones fired from Yemen. The US Dollar (USD) stands tall as risk-aversion remains at full steam, bolstering its appeal as a safe-haven and also as the world’s reserve currency.
Markets fret that a potential Houthi threat to Red Sea shipping could further damage global economy.
The unabated haven demand for the Greenback continues to undermine the Japanese Yen, sending the USD/JPY pair to the highest level since July 2024, near 160.50.
Looking ahead, the further upside in the pair appears limited as the JPY could draw some support from looming Japanese forex intervention risks. Additionally, hopes that the Bank of Japan (BoJ) could hike interest rates in the upcoming meeting could check the par’s upside.
The immediate focus is now on the BoJ’s Summary of Opinions of the March meeting.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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