USD/JPY is up another 0.6% today to 141.15 for now, but it’s not the best indicator of how the Japanese yen will collapse especially in the latter stages of this week. The pressure started yesterday and is picking up now as we see the yen drop to multi-year lows against European currencies in particular. EUR/JPY is up over 3% this week alone, to its highest level since 2008:
EUR/JPY monthly chart
Adding to the yen’s misery is GBP/JPY, which is also up 3% this week to 180.60 now – its highest since 2015. Also CHF/JPY, which is also up almost 3%, to 158.40 in The current time – competing new record highs.
Bank of Japan Governor Ueda has failed to coax any potential policy pivot, which has left the yen bulls somewhat frustrated since he took over in April. This could be a major sign that the markets are neglecting to anticipate any imminent policy changes from the Bank of Japan in the coming months.
