US Dollar Surges Above ¥162, Reaching a Level Not Seen in Almost 40 Years

BlockBeats News, June 30th, according to Bitget data, the depreciation pressure of the Japanese Yen continued to intensify, and the USD/JPY exchange rate reached the 162 level, the first time since December 1986.

Despite the Bank of Japan's shift to a tightening policy, the Yen's decline persists. The Bank of Japan is expected to end its negative interest rate policy in 2024 and raised the benchmark interest rate to 1% on June 16, the highest since 1995. However, the market still anticipates the Federal Reserve to maintain a hawkish stance in the future, and the pressure on the Yen has not significantly eased. Monex forex trader Andrew Hazlett stated, "If we don't see a quick correction, intervention is imminent." However, he also mentioned that if the interest rate differential issue is not resolved, intervention would only be a temporary remedial measure.