Japanese yen outperforms other Asian currencies in 2016
04 January 2017
Category: News, Japan, Taiwan, Indonesia, New Zealand, Asia Pacific
By Asia Asset Management
The Japanese Yen, Indonesian rupiah, New Taiwan dollar and New Zealand dollar were among the Asian currencies that appreciated against the US dollar in 2016, with the Japanese yen showing the strongest year-to-date performance against the dollar at 2.91%. The US dollar also fell 1.91% against the New Taiwan dollar, 2.28% against the Indonesian rupiah and 1.9% against the New Zealand dollar, according to Bloomberg.
The Japanese currency has been rallying since July 2016, despite the central bank’s efforts to boost inflation and expand its monetary base through its asset purchase scheme.
The yen climbed 100.32 to the dollar on September 21 after reaching its peak on August 26, with the Bank of Japan declaring that it would seek to control bond yields across different maturities. The greenback, however, has gained about 11% against the yen following the US elections on November 8.
On the last trading day of 2016, the dollar strengthened by 0.45% against the yen, with the yen closing at 117.07 against the US dollar.