Yen Strength Sparks Broad Rally in Non-US Currencies
At the start of Monday's Asian trading session, the Japanese yen rose sharply against the US dollar, with USD/JPY falling to 154.49 — a decline of 0.78%. This movement came amid heightened attention from Japanese officials regarding exchange rate fluctuations.
Japanese Prime Minister Yoshiko Nishikawa recently stated that the government would closely monitor currency market developments and stand ready to take appropriate actions if necessary. Her remarks immediately triggered a response from financial markets, pushing the yen higher.
Dollar Weakness Fuels Gains in Other Major Currencies
As the yen strengthened, the US dollar faced broad-based pressure. USD/CHF slipped to 0.7751, down more than 0.6%, while EUR/USD edged up 0.4% to 1.1873.
Market analysts noted that the dollar index has come under correction pressure, supported by a combination of factors including stabilizing monetary policies among major non-US economies.
- USD/JPY fell to 154.49, down about 0.78%
- USD/CHF dropped to 0.7751, down over 0.6%
- EUR/USD rose 0.4% to 1.1873
As market expectations for a Federal Reserve rate cut continue to evolve, the US dollar could face further downward pressure, while safe-haven currencies like the yen and Swiss franc may remain supported in the near term.