The Japanese yen jumped more than 1.5% to below 114 per US dollar on Friday, as investors sought safe-haven assets after getting spooked by news of a new COVID-19 variant detected in South Africa that may be able to evade immune responses and counter vaccine effects. The UK quickly introduced travel restrictions on the African nation and five neighboring countries, with the WHO set to meet Friday to discuss its implications for vaccines and treatments. Still, the Japanese currency remained close to 5-year lows amid widening policy divergence between Japan and the US, with the Federal Reserve signaling a hawkish pivot, while the Bank of Japan repeatedly stated its commitment to retain easy monetary policies to achieve its 2% price stability target.
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 November of 2021.
The Japanese Yen is expected to trade at 114.46 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 115.81 in 12 months time.