The yen depreciation trend that began in spring 2022 has significantly progressed over the long term. Starting from a rate of 115 yen per dollar at the end of 2021, the yen surged to the 160 yen range by the end of April 2024, marking a nearly 40% decrease in its value over the past three and a half years. In the markets, the disparity between high interest rate policies in the United States and Japan's gradual monetary policies has fueled selling of yen and buying of dollars, with concerns over inflation in the US particularly accelerating the yen's depreciation. While the Japanese government and the Bank of Japan have intermittently intervened in foreign exchange markets to curb this yen depreciation trend, they have not managed to reverse the trend towards yen appreciation. In this context, the market continues to closely monitor the yen's movements, expecting that future developments in the interest rate differentials between Japan and the US, as well as economic indicators, will continue to have a significant impact on the yen exchange rate.

2022年春から始まった円安の流れは、長期にわたって大きく進展しています。円は21年末の1ドル＝115円から、24年4月末には160円台へと急上昇し、この3年半でほぼ40%も価値を下げました。市場では、米国の高金利政策と日本の緩やかな金融政策の差が円売りドル買いを後押しし、特に米国のインフレ懸念が円安を加速させています。日本政府や日銀はこの円安基調に歯止めをかけるため、時折為替介入に踏み切るものの、円高に転じるには至っていません。この状況下で、市場は引き続き円安の推移を注視しており、今後も日米金利差や経済指標の動向が円相場に大きな影響を与える見込みです。