Forex

Yen Extends Slump on BOJ Move; Japanese Shares Gain

Published

7 years ago

January 27, 2017

Yen Extends Slump on BOJ Move; Japanese Shares Gain

The yen extended the biggest decline in a week and Japanese bonds rose as the nation’s central bank stepped in to buy debt. Japanese shares gained in a day of thin trading across Asia with a slew of markets closed for Lunar New Year celebrations.

The yen dropped for a second day as the BOJ’s move signaled it won’t let 10-year yields rise. The Topix Index rose to within a few points of the highest since December 2015, while Australian shares also climbed. The S&P 500 Index slipped Thursday from an all-time high, while the Dow Jones Industrial Average notched another record. Oil traded above $53 a barrel, while gold was heading for its longest slump in three months.

Signs U.S. expansion remained on uneven footing emerged Thursday, as data showed rising bond yields damped home purchases last month, while jobless claims rose more than forecast. Japanese consumer prices dropped for a 10th straight month, though the pace of declines eased, supporting expectations for a return to inflation later this year.

Markets in China, South Korea, Taiwan and Vietnam will be closed Friday for the start of Lunar New Year. Hong Kong, Malaysia and Singapore will have shortened sessions.

Here are the main moves in markets:

Stocks

The Topix rose 0.4 percent as of 11:30 a.m. in Tokyo.
Australia’s S&P/ASX 200 Index rose 0.6 percent as the nation’s markets reopened after being closed Thursday for a national holiday. Hong Kong’s Hang Seng Index slipped 0.1 percent, while Singapore’s Straits Times Index added 0.2 percent.
The S&P 500 Index slipped 0.1 percent at 2,296.68 on Thursday in New York, after the measure rose past 2,300 for the first time.

Currencies

The yen slid 0.3 percent to 114.89 per dollar, after dropping 1.1 percent the previous session.
The Bloomberg Dollar Spot Index added 0.1 percent. It jumped 0.6 percent on Thursday. The measure is headed for a fifth straight weekly decline — the longest stretch since May 2015 — after rising to the highest in more than a decade.
The peso dropped 0.5 percent to 21.3179 per dollar, extending Thursday’s 0.7 percent retreat as Mexico’s president canceled a meeting with Donald Trump.

Bonds

Japanese 10-year yields fell two basis points to 0.07 percent after the BOJ boosted the amount of 5-to-10-year bonds it buys in its outright purchase operations.
Australian 10-year yields jumped six basis points to 2.79 percent, while those on similar-dated New Zealand debt advanced four basis points to 3.40 percent.

The yield on 10-year Treasuries was up one basis point to 2.51 percent. It had slipped one basis point on Thursday after an auction of $28 billion in seven-year notes drew a record amount of buying from indirect bidders, signaling interest from foreign central banks and mutual funds.

Commodities

Gold retreated 0.2 percent to $1,186.25 an ounce, after dropping 1 percent in New York. It was headed for its fourth straight loss, which would be the longest slump since October.
West Texas Intermediate crude was at $53.85 a barrel after surging 2 percent to an almost three-week high as optimism increased OPEC and other producing nations would adhere to their pledged output cuts.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Forex

Yen Hits 34-Year Low Against Dollar Despite Bank of Japan’s Inaction

Published

3 days ago

April 26, 2024

Samed Olukoya

The Japanese yen plummeted to a 34-year low against the US dollar, sending shockwaves through global financial markets.

Despite mounting pressure and speculation, the Bank of Japan (BOJ) chose to maintain its key interest rate.

The yen’s relentless slide, extending to 0.7% to 156.66 against the dollar, underscores deep concerns about Japan’s economic stability and the efficacy of its monetary policies.

BOJ Governor Kazuo Ueda’s remarks at a post-meeting news conference did little to assuage fears as he acknowledged the impact of foreign exchange dynamics on inflation but downplayed the yen’s influence on underlying prices.

Investors, already on edge due to the yen’s dismal performance this year, are now bracing for further volatility amid speculation of imminent intervention by Japanese authorities.

The absence of decisive action from the BOJ has heightened uncertainty, with concerns looming over the potential repercussions of a prolonged yen depreciation.

The implications of the yen’s decline extend far beyond Japan’s borders, reverberating across global markets. The currency’s status as the worst-performing among major currencies in the Group of Ten (G-10) underscores its significance in the international financial landscape.

Policymakers have issued repeated warnings against excessive depreciation, signaling a commitment to intervene if necessary to safeguard economic stability.

Finance Minister Shunichi Suzuki reiterated the government’s readiness to respond to foreign exchange fluctuations, emphasizing the need for vigilance in the face of market volatility.

However, the lack of concrete action from Japanese authorities has left investors grappling with uncertainty, unsure of the yen’s trajectory in the days to come.

Market analysts warn of the potential for further downside risk, particularly in light of upcoming economic data releases and the prospect of thin trading volumes due to public holidays in Japan.

The absence of coordinated intervention efforts and a clear policy stance only exacerbates concerns, fueling speculation about the yen’s future trajectory.

The yen’s current predicament evokes memories of past episodes of currency turmoil, prompting comparisons to Japan’s intervention in 2022 when the currency experienced a similar downward spiral.

The prospect of history repeating itself looms large, as market participants weigh the possibility of intervention against the backdrop of an increasingly volatile global economy.

As Japan grapples with the yen’s precipitous decline, the stakes have never been higher for policymakers tasked with restoring stability to the currency markets. With the world watching closely, the fate of the yen hangs in the balance, poised between intervention and inertia in the face of unprecedented challenges.

Naira

Dollar to Naira Black Market Today, April 25th, 2024

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

4 days ago

April 25, 2024

Samed Olukoya

Naira to Dollar Exchange- Investors King Rate - Investors King

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,260 and sell it at N1,250 on Wednesday, April 24th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,300
Selling Rate: N1,290

Naira

Dollar to Naira Black Market Today, April 24th, 2024

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

4 days ago

April 24, 2024

Samed Olukoya

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,250 and sell it at N1,240 on Tuesday, April 23rd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.