The Australian dollar hit a near decade high against the Japanese currency but history show it could quickly reverse.
The Australian dollar pushed above 100 yen, its highest level since late 2014, late last week and is holding on to those gains despite a 2 per cent surge in the yen during a Japanese public holiday on Monday, amid
Market watcher like IG analyst Tony Sycamore believes the Japanese government did have a hand in the currency’s sharp move on Monday. “Back in 2022, the US dollar-yen was really focussed around the 150 yen point and over the past few months there’d been a lot of discussion of where they would intervene,” he said.“The move overnight suggest that 160 yen is where the Japanese Ministry of Finance has staked their claim, and we might need some significant change now to see that go higher.”
While Mr Dooley expects the currency to continue to hover around its current levels, he noted that a major shift in tone from the US Federal Reserve later this week could hit the yen further.
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