The US dollar falls, the Japanese yen plummets.

On the morning of November 5th, the US dollar exchange rate at commercial banks recorded a week of decline. For example, Eximbank's buying rate was 24,300 VND and the selling rate was 24,690 VND, a decrease of 70 VND compared to the end of last week. Similarly, Vietcombank reduced the rate by 80 VND, bringing the buying price down to 24,320 VND and the selling price down to 24,690 VND... The free market US dollar exchange rate remained at 24,550 VND for buying and 24,620 VND for selling.

The US dollar continued to fall globally . The USD-Index dropped to 105.06 points, 1.6 points lower than the previous week. In addition, the Japanese yen also fell sharply, with the exchange rate reaching 151.74 yen per US dollar at one point during the week – close to its 33-year low of 151.94 yen since July 1990. In Vietnam, Vietcombank bought Japanese yen at 158.43 dong and sold it at 167.7 dong, a decrease of more than 1 dong compared to the beginning of the week.

The US dollar and Japanese yen recorded a downward week.

The Japanese yen also weakened against other currencies, falling to its lowest level against the euro since 2008 due to the continued large interest rate differential between the US and Japan. Long-term US interest rates are currently around 4.9% and in Japan 0.95%. This has accelerated the sell-off of the yen in the market despite the Bank of Japan's (BoJ) decision to further ease yield curve controls.

Nevertheless, investors believe the Bank of Japan's policies are unlikely to change the country's still weak economic situation. Recently, on November 2nd, Japanese Prime Minister Fumio Kishida announced that the government would spend more than 17 trillion yen (US$113 billion) to mitigate the economic impact of rising inflation, including tax cuts. This economic package will include subsidies to limit the effects of rising fuel prices and utility bills; temporary cuts to income tax and residence tax...

In addition, the strong monthly US jobs data released on November 3rd contributed to a rebound in US interest rates and the US dollar, causing the yen to continue its downward trend...

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