Yen backs off two-week high before Takaichi-Ueda’s meeting

The Japanese yen declined in Asian trading on Monday at the start of the week against a basket of major and minor currencies, pulling back from a two-week high against the US dollar, due to correction and profit-taking activity, and after weaker-than-expected data on Japan’s economic growth in the final quarter of last year.

This decline comes ahead of an anticipated meeting between Japanese Prime Minister Sanae Takaichi and Bank of Japan Governor Kazuo Ueda to discuss the central bank’s policy direction and the outlook for interest rates.

Price Overview

• Japanese yen exchange rate today: The US dollar rose against the yen by 0.4% to ¥153.25, from today’s opening level at ¥152.66, and recorded a low of ¥152.58.
• The yen ended Friday’s session up by less than 0.1% against the dollar, marking its fifth consecutive daily gain, and recorded a two-week high at ¥152.27 in the previous session, supported by easing financial concerns in Japan.
• The Japanese yen gained 2.9% against the US dollar last week, marking its largest weekly gain since November 2024, amid a strong buying wave following the ruling party’s landslide victory in Japan.