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Yen sinks to 154 range vs dollar for 1st time in 34 years

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18 Comments
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They better go back to Made in Japan or else...

5 ( +8 / -3 )

Win-win for foreign tourists from several nations, that's for sure! Japan is a very affordable vacation.

5 ( +13 / -8 )

Fighto!Today  07:16 am JST

Win-win for foreign tourists from several nations, that's for sure! Japan is a very affordable vacation.

Loss-loss for a majority of Japanese who see their purchasing power destroyed by imported inflation resulting from melting JPY.

-1 ( +11 / -12 )

Loss-loss for a majority of Japanese who see their purchasing power destroyed by imported inflation resulting from melting JPY.

Not just Japanese. All the foreigners living here are feeling the pinch.

5 ( +13 / -8 )

Sorry- maybe not all.

If you are in the export business, tourism, or online classes, you might be doing well.

4 ( +5 / -1 )

I'll wait for 160 before I buy yen.

-5 ( +2 / -7 )

Loads of folks in the US are in debt. The average is $105k. For Gen X (43-57), its 157k.

https://www.businessinsider.com/personal-finance/average-american-debt#:~:text=The%20average%20debt%20an%20American,%2C%20credit%20score%2C%20and%20state.

No interest rate relief for them.

-1 ( +2 / -3 )

kohakuebisu Today 08:57 am JST

Loads of folks in the US are in debt. The average is $105k. For Gen X (43-57), its 157k.

https://www.businessinsider.com/personal-finance/average-american-debt#:~:text=The%20average%20debt%20an%20American,%2C%20credit%20score%2C%20and%20state.

No interest rate relief for them.

Interest rates on mortgages are fixed in the US. Also how is this relevant to the article?

1 ( +4 / -3 )

Looks like a generation top could be forming on SPX as well. Investors beware.

0 ( +1 / -1 )

Interest rates on mortgages are fixed in the US. Also how is this relevant to the article?

Err, the dollar has gone up because of changing expectations on US interest rates, as described in the article. The yen's value is being set by what is happening in the US, not what is happening in Japan. The dollar is also up this week against GBP and the Euro. This is not the yen "sinking". The level of US private debt means that long term, high US interest rates are unsustainable. The dollar will fall, its just a matter of when. Presumably it'll be when the risk of recession is seen as more important than letting the bankers/rentiers screw more money out of what used to be the middle class. This non-move suggests there is no risk of recession before the US elections. If there had been, rates would have been cut.

-2 ( +2 / -4 )

kohakuebisuToday  11:15 am JST

Interest rates on mortgages are fixed in the US. Also how is this relevant to the article?

Err, the dollar has gone up because of changing expectations on US interest rates, as described in the article. The yen's value is being set by what is happening in the US, not what is happening in Japan. The dollar is also up this week against GBP and the Euro. This is not the yen "sinking". The level of US private debt means that long term, high US interest rates are unsustainable. The dollar will fall, its just a matter of when. Presumably it'll be when the risk of recession is seen as more important than letting the bankers/rentiers screw more money out of what used to be the middle class. This non-move suggests there is no risk of recession before the US elections. If there had been, rates would have been cut.

True over last 10 days but if you look at past 12 months the JPY declined by more than 10% against all major currencies (you can see it when looking at the EUR USD which has been stable) so this more a weak JPY than a strong USD.

2 ( +3 / -1 )

Aly RustomToday  07:43 am JST

Loss-loss for a majority of Japanese who see their purchasing power destroyed by imported inflation resulting from melting JPY.

Not just Japanese. All the foreigners living here are feeling the pinch.

Indeed. In fact I have a couple of friends paid in JPY who decided to leave Japan even though they loved the country because they could not bear anymore the fall of the purchasing power of their JPY abroad.

1 ( +6 / -5 )

Jeepers. Luckily we travelled the world before the pandemic. Not buying anything, or travelling overseas for a long time by the look of things.

4 ( +6 / -2 )

A growing crisis in the Middle East, but the yen is sliding. It used to be a safe haven currency.

-3 ( +3 / -6 )

I just brought a bunch of US cash with me. I had to greatly reduce the amount so as not to require reporting it upon entry. Looking back, I've never actually been searched to a degree that I couldn't bring in significant amounts of cash, but paranoia won this time.

2 ( +2 / -0 )

Yen going into free fall omg .

-5 ( +1 / -6 )

Yesterday I was very happy with ¥153/$.

0 ( +0 / -0 )

The dollar will fall, its just a matter of when.

It’s already falling, relative to gold for example.

But the yen is falling faster.

Presumably it'll be when the risk of recession is seen as more important than letting the bankers/rentiers screw more money out of what used to be the middle class.

The actual problem right now is high inflation, which… “is screwing more money out of what used to be the middle class”.

This non-move suggests there is no risk of recession before the US elections. If there had been, rates would have been cut.

Rates are high because of high inflation. Too much money chasing too few goods.

If anything I’d say they ought hike rates further, but no they said the inflation was “transitory” first, and for some reason have adopted a cutting bias this year… although economic data doesn’t appear to justify it.

Perhaps they will hike the policy rate further after the big election in November, and try to smash inflation properly then.

-1 ( +0 / -1 )

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