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Yen walks back gains, weakens past ¥113.5

Japan’s yen weakened past ¥113.5 per dollar, walking back some of its previous weekly gains and making it the worst-performing major currency in Asia trade on Friday.

John Higgins at Capital Economics predicted the recent rebound for the yen, which this week touched ¥112.92 per dollar, would prove short-lived thanks to the Bank of Japan’s accomodative monetary policy.

“Admittedly, the yen has rebounded a bit against the US dollar in the past day or two,” Mr Higgins said. “But unlike other major currencies, it has still fallen against the greenback since mid-June.”

While the yen is still well below its starting point this year of ¥118.6, CE expects the yen will weaken to ¥120 per dollar by the end of 2017.