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Menu icon A vertical stack of three evenly spaced horizontal lines. Business Insider logo The words "Business Insider" Markets Insider logo The word "Markets Insider". Search markets Search icon A magnifying glass. It indicates, "Click to perform a search". My Watchlist Markets Stocks Indices Commodities Cryptocurrencies Currencies ETFs News Calendar icon An icon in the shape of a calendar. Economic Earnings Search markets Search icon A magnifying glass. It indicates, "Click to perform a search". Search icon A magnifying glass. It indicates, "Click to perform a search". Markets Insider logo The word "Markets Insider". Close icon Two crossed lines that form an 'X'. 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Instagram icon A stylized camera. Business Insider logo The words "Business Insider" * © 2024 Insider Inc. and finanzen.net GmbH (Imprint). All rights reserved. * Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. * Disclaimer * Accessibility * Commerce Policy * * Advertising Policies * Made in NYC * Stock quotes by finanzen.net Pre-Market Futures DOW FUTURES -0.09% -36.00 40,140.00 S&P 500 FUTURES -0.08% -4.25 5,304.25 NASDAQ 100 FUTURES -0.05% -10.00 18,465.00 gold 0.00% 0.00 2,232.90 oil (wti) -0.06% -0.05 83.12 BTC/USD -0.93% -660.79 70,069.45 Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. * Home * News * Stock News * US Companies In Japan Wary On Market Intervention As Yen Hits 34-Year Low Vs. Dollar US COMPANIES IN JAPAN WARY ON MARKET INTERVENTION AS YEN HITS 34-YEAR LOW VS. DOLLAR Benzinga Mar. 27, 2024, 01:59 PM U.S. commodity exporters and pharmaceutical companies are among the top traders, with Japan casting a cautious eye toward the foreign exchange markets, in the coming days. Top exporters with significant Japanese interests include Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX). The weak yen which, on Wednesday, fell to a 34-year low against the dollar, has been a boon for Japanese exporters, but it makes the country’s imports more expensive. But it’s a stable economy with low — almost non-existent — levels of inflation, which make it an attractive investment location for many U.S. companies. Also Read: Magnificent 7 Stocks Become The Star Attractions For Norway’s Sovereign Wealth Fund SUPPORTING THE YEN IN THE FX MARKET? However, Japanese monetary authorities could be about to throw confusion into the dealings between the two countries, as there’s talk of market intervention by the Bank of Japan to prop up the ailing yen. Earlier this month the BoJ raised its key interest rate for the first time in 17 years. Edging the rate from -0.1% to a range between 0% to 0.1%, it barely caused a stir on the markets. Notification a few weeks earlier that the BoJ was to take a more hawkish stance at its upcoming meeting had a more significant impact. But the yen resumed its drop against the dollar and, this morning, the dollar climbed to 151.97, a low for the yen not seen since 1990. Thus, speculation of intervention has been increasing over the past few days. “The risk of intervention increases as the dollar approaches 155,” said analysts at Bank of America. But, as they pointed out, “intervention is not a fundamental fix for the yen.” BLOCKING SHORT SELLERS Indeed, in previous bouts of intervention, it has mainly been used to cause confusion and headaches for short sellers and those indulging in the carry trade — where low-yielding currencies such as the yen are sold to fund purchases of higher-yielding currencies. It also causes headaches for those U.S. companies doing business in Japan, which also include drugmakers such as Eli Lilly & Company (NYSE:LLY), as wild fluctuations in foreign exchange make it harder for them to forecast returns to investors from overseas operations. Jane Foley, chief FX strategist at Rabobank, noted an increase in net short sellers last week. She added: “In an environment of low FX volatility, carry trades tend to be attractive. In the absence of a strong expectation of a series of rate rises from the BoJ, betting against the dollar could be an expensive trade for many speculators. “This explains the sell-off in the yen this week after the BoJ's rate hike.” Thus, even though the U.S. Federal Reserve has yet to announce its timing for a first-rate cut — although the market knows it’s coming — the dollar retains the upper hand on the yen due to its large rate differential, with the main U.S, rate still at 5.25%-5.5%. Exchange traded funds that follow bullish bets on the dollar have gained since the start of 2024. The Invesco DB US Dollar Index Bullish Fund (NYSE:UUP) is up 4.5% on the year. Conversely, the best-performing yen-based ETF has been the ProShares UltraShort Yen (NYSE:YCS), which tracks shorting behaviour on the Japanese currency. It has gained 18.4% in 2024. Now Read: Russell 2000 Vs. S&P 500: Turning Tide For Small Caps? ‘Risk-Reward Trade-Off Is Very Skewed’ Image via Shutterstock SHARE THIS POST FACEBOOK TWITTER EMAIL COPY LINK Start Trading >> Plus500. 81% of retail CFD accounts lose money Your Market View Name Price +/- % Date TSLA 175.10 -5.29 -2.93 Official Close 3/28/2024 AAPL 171.20 -1.70 -0.98 Official Close 3/28/2024 MSFT 420.06 -1.14 -0.27 Official Close 3/28/2024 NFLX 607.30 -6.70 -1.09 Official Close 3/28/2024 SPOT 264.08 3.88 1.49 Official Close 3/28/2024 NEWS * News on ETFs * All News Benzinga 22m 2 OF THE TOP 5 WORLD ECONOMIES CAN NOW RUN 100% ON RENEWABLE ENERGY Benzinga 11h CATHIE WOOD'S ARK CONTINUES TESLA STOCK BUYING SPREE, ACQUIRES OVER $14M WORTH OF SHARES AMID DIP Benzinga 17h BLACKROCK'S SPOT BITCOIN ETF AMASSES 250,000 BTC AS FIDELITY'S CROSSES $10 BILLION AUM Find News News GO Follow us on: See also: Indices * Dow Jones * S&P 500 * Nasdaq 100 * Nasdaq Composite * FTSE 100 * Nikkei 225 * DAX 40 * Hang Seng * Kospi * S&P TSX Composite Index * ASX * US Dollar Index * Stock Indices * Dow Futures * Dow Jones Market Movers Commodities * Gold Price * Oil Price * Silver Price * Copper Price * Cotton Price * Heating Oil Price * Aluminum Price * Natural Gas Price * Realtime Commodity Prices Currencies * EURO DOLLAR * Bitcoin Price * ETH USD * CAD USD * PESO USD * POUND USD * USD INR * Currency Converter * Exchange Rates Stocks * Google Stock * Meta Stock * Amazon Stock * Tesla Stock * Dow-Stock * Premarket * Stock Market News See more - Explore more categories * *© 2024 Insider Inc. and finanzen.net GmbH (Imprint). 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