3160.HK Flash: Yen falls below 162 against the US dollar, hitting a nearly 40-year low
Market Focus: Yen Plummets
At 8:58 AM on June 30, the yen's exchange rate against the US dollar plummeted, breaking below 162 yen per US dollar, surpassing the record of 161.96 yen per US dollar reached in July 2024, and hitting its lowest level since December 1986.
Since the beginning of this year, the yen has depreciated by over 3% against the US dollar. To curb the yen's one-sided depreciation, Japan's Ministry of Finance conducted a record-breaking foreign exchange intervention from April 28 to May 27, injecting a total of 11.73 trillion yen.
Intervention Gains Wiped Out
Japan's Ministry of Finance had previously conducted a record-breaking foreign exchange intervention from April 28 to May 27, injecting a total of 11.73 trillion yen, which briefly pushed the yen to rebound quickly to around 155. However, in just about a month, the gains from the intervention have been completely wiped out, with the yen falling back below the 160 mark and continuing to decline.
(Image source: Reuters foreign exchange trading terminal quote, June 30, 2026)
The MSCI Japan stock index has benefited from improved profitability of Japanese export companies and the deepening of corporate governance reforms in Japan, showing a significant cumulative increase since the start of the year.
(Image source: Bloomberg, June 30, 2026)
$Micron Technology(MU.US)$Tesla(TSLA.US)$SanDisk(SNDK.US)$NVIDIA(NVDA.US)$Qifu Technology(QFIN.US)$SITC International(01308.HK)
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Sources:
1. National Business Daily, June 30, 2026, https://mp.weixin.qq.com/s/RXcSt8jvh1hUq3bbtfl-0g?scene=1
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