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Status of USD/YEN
The other major Forex index is the US Dollar against Japanese Yen (USD/JPY). Comments related to EUR/USD also apply to USD/JPY. Figure 17.26 shows a monthly chart of USD/JPY from 1975 to October 2017.
Figure 17.26 Charts courtesy of netdania.com
On the chart, we see that USD has been substantially depreciating against JPY from 1975 to 1995. This trend was mainly the consequence of removing the USD gold backing by the Fed. After that, USD/JPY was practically trending sideway from 2008 to 2012. Mr. Abe became the prime minister of Japan in 2012 to pursue a policy called Abenomics through aggressive QE programs to depreciate JPY against the dollar. By depreciating JPY, he wants to promote the Japan’s exporting sector and to import inflation. The up-trending wave from October 2012 to mid-2015 is partly the result of BoJ QE programs, and partly because of the rate hike anticipation by the Fed.
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