USD/JPY is up another 0.6% today to 141.15 at the moment but it isn't the best indicator of how the Japanese yen is falling apart especially towards the latter stages of this week. The squeeze started yesterday and it is gaining pace now as we see the yen fall to multi-year lows against European currencies in particular. EUR/JPY is up over 3% this week alone to its highest levels since 2008:
EUR/JPY monthly chart
Adding to the misery for the yen is the likes of GBP/JPY, which is also up 3% this week to 180.60 now - its highest levels since 2015. And also CHF/JPY, which is up nearly 3% as well, to 158.40 at the moment - contesting fresh record highs.
BOJ governor Ueda failed to convince of any potential pivot in policy and that is leaving yen bulls rather frustrated ever since he took charge in April. This may be a be a major signal that markets are throwing in the towel on expecting any imminent changes to policy by the BOJ in the months ahead.
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2023-06-16 07:18:00Z
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