# Four reasons for the yen’s steady appreciation this year

> UBP expects the yen to keep appreciating through 2024, with USD/JPY falling toward 135 by year-end. The bank bases this on the Bank of Japan slowly normalising policy, with a deposit rate rising to a maximum of about 0.5%, likely after the March wage talks. It argues rapid tightening should not be expected.

- Date: 2024-01-30 · published 2024-01-30T12:00:00.000Z
- Category: macro · region Japan · magnitude low
- Page: https://feedsoft.ai/events/32365-four-reasons-for-the-yen-s-steady-appreciation-this-year
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

A stronger yen in forecasts lowers Japan's cost of dollar-priced feed imports over time. The effect is gradual and depends on BoJ timing.

## Read by commodity

- USDJPY: bearish ▼

## Sources

- ubp.com: https://www.ubp.com/en/news-insights/newsroom/four-reasons-for-the-yen-s-steady-appreciation-this-year

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.