The yen could fall further in the coming weeks after breaking through a crucial support level against the US dollar and hitting a 50-year low against the currencies of Japan’s most important trading partners, analysts have warned.
JPMorgan Chase cautioned in a report that if the yen continued to depreciate sharply in 2022, it could trigger a long-predicted capital flight by Japanese households. At that point, the report’s authors said, verbal intervention by the Japanese authorities — and even a surprise uptick in inflation — may not be enough to arrest the slide.
The predictions of even deeper weakness for the Japanese currency followed its decline to a five-year low of ¥116.34 against the dollar last week.
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