Japanese Yen exchange rate on January 8, 2025: Domestic decrease, world increase

Japanese Yen exchange rate on January 8, 2025 in the domestic market

Today's Japanese Yen exchange rate surveyed on the morning of January 8, 2025 at banks, specifically as follows:

At Vietcombank, the Japanese Yen exchange rate Vietcombank has a buying rate of 154.74 VND/JPY and a selling rate of 163.68 VND/JPY - down 0.99 VND on the buying side and down 1.11 VND on the selling side.

At Vietinbank, the Yen exchange rate decreased by 1.14 VND in buying and 1.44 VND in selling, equivalent to 156.90 VND/JPY and 164.35 VND/JPY.

At BIDV bank, the Japanese Yen exchange rate decreased by 0.86 VND in buying and 0.64 VND in selling, reaching 156.08 VND/JPY and 164.40 VND/JPY, respectively.

At Agribank, the Japanese Yen buying and selling rates are 156.84 VND/JPY and 164.17 VND/JPY, respectively - down 0.74 VND for buying and down 0.8 VND for selling.

At Eximbank, the buying and selling rates are 157.68 VND/JPY and 163.15 VND/JPY, respectively - down 0.6 VND at the buying rate and down 0.66 VND at the selling rate.

At Sacombank, the Japanese Yen exchange rate increased by 0.04 VND in buying and increased by 0.02 VND in selling, corresponding to the prices of 157.94 VND/JPY and 164.95 VND/JPY, respectively.

At Techcombank, the buying and selling rates of Japanese Yen are 154.17 VND/JPY and 166.56 VND/JPY, respectively.

At NCB bank, the Japanese Yen exchange rate is 156.41 VND/JPY for buying and 164.69 VND/JPY for selling - down 0.48 VND for buying and selling.

At HSBC bank, the Japanese Yen buying rate is 157.35 VND/JPY and the selling rate is 163.24 VND/JPY – down 0.02 VND for buying and down 1.07 VND for selling.

According to a survey by Nghe An Newspaper, today's Japanese Yen exchange rate at Sacombank is the bank with the highest Japanese Yen buying rate and Eximbank is the bank with the lowest Japanese Yen selling rate among banks.

Japanese Yen exchange rate on January 8, 2025 in the world market

The Japanese Yen (JPY) has rebounded after hitting a near six-month low against the USD. Concerns about possible market intervention from the Japanese government have provided support for the local currency, while international economic and policy factors continue to dominate the USD/JPY exchange rate trend.

The Japanese Yen rose against the US Dollar in yesterday's trading session after Japanese Finance Minister Katsunobu Kato warned of the possibility of government action against excessive foreign exchange fluctuations.

The yen’s rise was seen as a response to concerns about market intervention to stem a prolonged weakening of the local currency. The yen earlier fell to a six-month low, hurt by the widening yield gap between the US and Japan.

The US dollar, while still near two-year highs, weakened slightly from last week, helping to limit the decline in the USD/JPY pair. However, uncertainty over the timing of the Bank of Japan’s (BoJ) next interest rate hike continued to weigh on the JPY. The BoJ has signaled that it may wait longer to make policy adjustments, while inflation in Japan remains high, raising the possibility of a rate hike as early as 2025.

In addition, US bond yields are at multi-month highs, as the US Federal Reserve (Fed) maintains a “hawkish” stance, only expecting to cut interest rates twice in 2025. This increase in yields has widened the US-Japan yield gap, somewhat limiting the attractiveness of the JPY as a safe haven asset.

However, from a technical perspective, USD/JPY is hovering around 158.00. If the pair holds above this level, bullish traders can expect a further uptrend, with a short-term target of 159.00 and further to 160.00.

Conversely, if USD/JPY drops below the 157.50 support level, a deeper correction towards 156.00 could occur, reversing the recent positive trend.