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New dynamics of currency hoarding: they are hoarding this national currency
Nov 29,2024
This week, the yen rebounded significantly against the dollar,27The Japanese yen rose to its highest point in nearly a month on the New York foreign exchange market. This surge in the yen has had an impact on the Japanese stock market, the Nikkei225The index opened lower, partly because of the drag on the share prices of export companies from the recovery of the yen. On the overnight New York foreign exchange market, the yen broke through.1Dollar Exchange151Yen, hit10The highest level since late January, compared with last week's close, the yen rose more than the dollar this week.2.8%.
There are two main drivers of the yen's recovery. First, the market expects the spread between the U.S. and Japan to narrow. Federal Reserve11The minutes of the monthly interest rate meeting showed that interest rates may continue to be cut next month, and the Governor of the Bank of Japan, Yoshio Ueda, reiterated that if economic and price expectations are realized, he will consider raising policy interest rates. If the Fed cuts interest rates next month and the Bank of Japan raises interest rates at the same time, the U. S.-Japan interest rate differential narrows, and the yen may recover further, or even break through.1Dollar Exchange150The yen pass.
Secondly, the remarks of US President-elect Trump have triggered concerns about the global economic outlook. As a result, investors seek to avoid risks and sell dollars to buy yen, pushing the yen exchange rate back up.
In the face of the uncertainty that Trump may bring, the Bank of South Korea unexpectedly announced a cut in its benchmark interest rate.25BPS3%The market had previously expected to remain3.25%No change. After the news was announced, the won dived short-term against the dollar, falling over0.3%However, the decline has now narrowed. The South Korea stock market fluctuated higher, and the South Korea composite index rose in a straight line during the session, but the overall volatility was not large.
The South Korea central bank said the rate cut was based on continued falling prices. data display, South Korea10Month-on-month consumer price index growth1.3%, estimated to be1.4%. The central bank expects2025YearCPIRising1.9%, previously.8Monthly Expectations for Rising2.1%; expected2025YearGDPThe growth rate is1.9%,8The monthly estimate is2.1%.
South Korea Finance Minister Choi Sang-mu said he respected the South Korea central bank's decision to cut interest rates, but stressed that the recent rise in the dollar against the won was due to the strengthening of the dollar. Since Trump's re-election as US president, the dollar index has risen more4%.
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