The yen's exchange rate is on a downward trend, triggered by the prospect of widening interest rate differentials with major overseas countries. As monetary tightening continues to exceed market expectations in each country, concerns about a slowdown in the global economy have become a reality, and there have been increasing cautions about risk factors such as falling stock prices rather than expectations of widening interest rate differentials.


At today's monetary policy meeting, the Bank of Japan decided to maintain the current large-scale monetary easing policy. There is no major change in the direction of widening interest rate disparities with major countries, such as the United States, which is rushing to raise interest rates to eradicate inflation.


However, although the results were as expected by the market, yen sales did not strengthen, and the dollar/yen pair fluctuated up and down for a while after the announcement of the results of the BOJ meeting, but soon returned to the first half of 138 yen before the announcement.


Looking not only at the dollar but also at a wide range of currencies, the yen has already changed. Since mid-June, the yen has hit its latest lows only against the US dollar, surpassing the euro, pound sterling, Swiss franc, and Australian dollar for the first time in several years.


Since the beginning of the year, the yen has been the weakest against the US dollar and the rate of decline has reached nearly 20%, but for the past month only, the yen has handed over the weakest position to the euro, which is worried about energy supply and economic slowdown.


There were some signs of changes in the yen exchange rate.