The Japanese Yen fell 0.294 points or 0.27% to 109.684 against the US Dollar on Tuesday ahead of US Core Inflation data released later in the day, amid expectations of higher inflation due to the recent surge in government spending and improved labor market expectations. Local 10-year yields eased to 0.107% while US 10-year bond yields lifted to 1.7%. Meantime, BoJ Governor Haruhiko Kuroda preached the benefits of a weaker Yen, saying it helped manufacturers by inflating the value of profits earned overseas. On the coronavirus front, Osaka is set to report a daily record of more than 1000 new cases on Tuesday a surge in highly contagious variants of the coronavirus. In recent data, Japanese wholesale prices rose 1% in March, marking the first annual increase in more than a year.
Historically, the Japanese Yen reached an all time high of 358.44 in January of 1971. Japanese Yen - data, forecasts, historical chart - was last updated on April of 2021.
The Japanese Yen is expected to trade at 110.13 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 111.53 in 12 months time.