Japanese Yen keeps falling as the Middle East war enters fifth week
- The Japanese Yen extends previous declines at the weekly open on Monday.
- The US Dollar stands tall on risk aversion as the Middle East war expands.
- All eyes remain on a potential threat to Red Sea as Yemeni Houthis enter war.
The Japanese Yen (JPY) continues to remain at the receiving when compared to the US Dollar (USD) as a new week begins in Asia on Monday.
The Middle East conflict enters its fifth week, with no signs of a negotiated truce. Instead, the war expanded geographically in the Gulf after Iran-back militant group in Yemen, Houthis, entered the war, striking Israel over the weekend.
Israel reported early Monday that they intercepted two drones fired from Yemen. The US Dollar (USD) stands tall as risk-aversion remains at full steam, bolstering its appeal as a safe-haven and also as the world’s reserve currency.
Markets fret that a potential Houthi threat to Red Sea shipping could further damage global economy.
The unabated haven demand for the Greenback continues to undermine the Japanese Yen, sending the USD/JPY pair to the highest level since July 2024, near 160.50.
Looking ahead, the further upside in the pair appears limited as the JPY could draw some support from looming Japanese forex intervention risks. Additionally, hopes that the Bank of Japan (BoJ) could hike interest rates in the upcoming meeting could check the par’s upside.
The immediate focus is now on the BoJ’s Summary of Opinions of the March meeting.
Japanese Yen Price Last 7 Days
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies last 7 days. Japanese Yen was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.85% | 1.45% | 1.67% | 1.17% | 3.42% | 2.50% | 1.49% | |
| EUR | -0.85% | 0.59% | 0.87% | 0.31% | 2.56% | 1.63% | 0.64% | |
| GBP | -1.45% | -0.59% | 0.36% | -0.28% | 1.96% | 1.03% | 0.06% | |
| JPY | -1.67% | -0.87% | -0.36% | -0.52% | 1.68% | 0.75% | -0.22% | |
| CAD | -1.17% | -0.31% | 0.28% | 0.52% | 2.28% | 1.35% | 0.33% | |
| AUD | -3.42% | -2.56% | -1.96% | -1.68% | -2.28% | -0.90% | -1.88% | |
| NZD | -2.50% | -1.63% | -1.03% | -0.75% | -1.35% | 0.90% | -0.97% | |
| CHF | -1.49% | -0.64% | -0.06% | 0.22% | -0.33% | 1.88% | 0.97% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
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