FOCUS: Yen set for turnaround in 2023 after slide to 32-year low vs dollar

Economy

The yen is set to gain ground in 2023 in a sharp turnaround from a plunge to a 32-year low against the U.S. dollar, keeping Tokyo stocks subdued coupled with a gloomy global economic outlook. The Japanese currency is expected to rise toward 120 yen against the dollar from its current levels of around 133 yen, driven by the narrowing gap between Japanese and U.S. long-term bond yields, market analysts say. The outlook contrasts starkly with the currency's drop of more than 30 percent from around 115 yen at the beginning of 2022 to the year's low near 152 yen in October, a level not seen since 1...

Kyodo News

Kyodo News