Good morning. As a rule, movements in the yen/dollar exchange rate track changes in the interest rate gap between Japan and the US. This follows economic logic: a widening rate differential attracts capital to the higher-rate country, driving up the value of its currency. So, for example, the yen weakened against the dollar throughout 2022 as the US Federal Reserve aggressively raised its policy rates, while the Bank of Japan held tight close to zero.
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