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The Japanese yen (JPY) has a special place in the global economy. It is the third-most used currency for global payment, one of the International Monetary Fund’s (IMF) special drawing rights (SDR) currencies and widely used in trade financing.
It is also widely accepted as a “safe haven” currency in times of global volatility. In financial markets, the JPY is a “funding currency” that is used in carry trades against higher-yielding currencies such as the Canadian dollar and Norwegian krone.
However, in the past 12 months the yen has depreciated rapidly. As of June 14, the yen has depreciated by 23 percent against US dollar and 14 percent against the rupiah. This is unusual as the yen tends to appreciate against major currencies during a global upheaval. The cause of the depreciation is the increasing interest rate differential between the yen and other currencies and Japan’s ballooning trade deficit due to increased global energy prices.
Starting from IDR 55,500/month
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