NEW YORK, April 20 ― The dollar surged yesterday to a 20-year high against the Japanese yen, underpinned by the divergence in monetary policy between a Federal Reserve determined to keep a lid on soaring inflation and a Bank of Japan that has kept interest rates ultra-low.
Benson believes Japanese monetary authorities could actually intervene to strengthen the yen, but it is not about a particular level. Morgan Stanley, in its latest research note, said the yen's decline versus the dollar was justified amid Japan's worsening terms of trade, with soaring raw materials driving up import costs, as well as contrasting inflation outlooks between the countries.
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