TOKYO: Japanese authorities are unlikely to intervene in foreign exchange markets to prop up the yen as the currency has already found some support and will head much higher as US interest rates peak, former finance official Eisuke Sakakibara said.
"I think the Ministry of Finance and the Bank of Japan are reasonably satisfied with what has been going on, so I don't foresee any intervention to warn or to change the course of the exchange rate," he said. What the data-dependent Fed ultimately decides at upcoming meetings will be key to the yen's position, but if the US central bank follows through on market expectations, the yen will edge up to 130 by the end of 2023 and gradually to 120"within the next few years", Sakakibara said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: