The yen’s exchange rate began to fall to the late 1 dollar = 122 yen range as international oil prices rose in response to the European Union’s move to impose additional sanctions on Russia for committing war crimes.
In the Tokyo foreign exchange market, the yen’s exchange rate fell 0.13 yen from 5 p.m. the previous day to 122.78 to 122.80 yen at 8:30 a.m. on the same day.
As U.S. oil prices rose and long-term interest rates rose, yen selling and dollar buying are leading the way due to the widening gap in interest rates between the U.S. and Japan.
As of 9:46 a.m., the yen’s exchange rate rose 0.17 yen to 1 dollar = 122.48 to 122.51 yen.
The yen’s exchange rate in the Australian foreign exchange market started 0.05 yen behind the previous day at 1 dollar = 122.70 yen to 122.80 yen.
The yen fell sharply on the New York foreign exchange operations on the 4th (local time) and closed at 122.70 to 122.80 yen, down 0.20 yen from the previous day.
The EU has begun to consider tightening sanctions on Russia, spreading vigilance over the economic slowdown in Europe, which relies on Russian energy supplies.
As the dollar strengthened and the euro weakened, dollar purchases also prevailed against the yen.
Based on the U.S. March employment statistics released on the 1st, the observation that the Federal Reserve (Fed Fed) is actively tightening its finances also encouraged yen selling.
In the Tokyo foreign exchange market, the yen is rising against the euro. At 9:44 a.m., 1 euro = 134.70 to 135.72 yen, up 0.60 yen from the previous day.
Euro selling is gaining ground on concerns that additional sanctions against Russia will adversely affect the European economy, which has strong geographical and economic ties.
The euro is falling against the dollar. As of 9:44 a.m., 1 euro = 1.0975 to 1.0977 dollars, down 0.0056 dollars from the previous day.
