Japan is a net importer of commodities. Commodity prices are soaring due to supply disruptions created by Russia-Ukraine war. Most of this commodities are priced in dollars. As the value of this exports go up more yen gets sold for dollars to facilitate trade.
Central bank policy divergence is also play a key role. Fed has started it’s hiking cycle while Japan holds its rate at negative territory. Chairman Powell became more hawkish by acknowledging he is ready to raise rates by 50 basis points
Central bank policy divergence and higher commodities prices are behind the Yen weakness
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