Ah, my people, make we yarn wetin dey happen for currency market. Dollar don fall reach 153.89 yen this Monday as dem dey talk sey US fit join Japan to support their currency. E be like say the yen don begin shine again after some serious selling make everybody dey look twice.
The wahala start when dem report say Federal Reserve Bank of New York check with traders about how yen dey behave for market. No be small thing o! As the gist spread, yen jump more than one percent, na im make am reach this strong level, from November last year.
Many pipo dey worry for yen matter because Japan fiscal position no too bright. Plus, Bank of Japan no gree raise interest rates, while US Fed gas dey hold on their own rates too. Last time wey Japan authorities step in to check yen na 2024 when e don hit 160 to dollar.
Because of the expected support, dollar dey face serious heat, and other currencies like euro, pound and South Korean won don dey gain ground as well. E don reach wey Singapore dollar don hit 11-year high. No be joke!
Gold too dey bask for the sweet news, as prices don surge almost two percent to pass $5,000 for first time. Talk of joint intervention don follow wetin top currency big man, Atsushi Mimura talk. E talk say Tokyo go continue to manage foreign exchange movement with US help when e dey needed.
Japanese Prime Minister, Sanae Takaichi, don talk say dem go do anything wey necessary to tackle wahala of speculative movement wey no normal. Wetin dis means be say dem dey ready to fight back any unnecessary fluctuations.
Market analysts dey observe say the balance fit turn against the dollar with increasing volatility for dollar/yen pair. As e be now, traders don dey make choice on wetin go happen next for BoJ policy and Takaichi’s fiscal plans.
As for the stock market, e no too fine, as equities don begin week with some losses. Tokyo stock don waka down by 1.8 percent because of the strong yen this week, this one go affect exporters for Japan.
Oil prices too don feel the heat as wetin Trump talk about a US ‘armada’ dey go for Gulf, that one cause some don dey panic. Na so e be, my people! Currency market dey lit, and we go dey monitor as e dey unfold.
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