Ella 
The Japanese Yen witnessed a significant decline, marking its lowest exchange rates in approximately 34 years. The USD/JPY pair experienced a 0.2% drop, settling at 151.87, while the 100JPY/HKD pair reached 5.13. During the trading session, USD/JPY briefly touched 151.97, surpassing the October 2022 level of 151.95 when the Japanese government intervened in the currency market.
Earlier statements from Naoki Tamura, a member of the Bank of Japan (BOJ), shed light on the central bank’s stance toward monetary policy normalization. Tamura expressed the BOJ’s intention to gradually increase interest rates in the future as part of their normalization efforts. Emphasizing the need for a slow and steady approach, Tamura, often recognized as a “hawkish” figure within the BOJ, refrained from providing specific details regarding the timing of the next rate hike. However, market analysts speculate that the central bank may opt for another interest rate increase as early as October.
