INSUBCONTINENT EXCLUSIVE:
Asian currencies such as the yen, won, and baht have reached yearly lows amid rising local and global interest rates.On Wednesday, these
currencies plummeted against the United States dollar
This decline happens as the United States Federal Reserve FED hints at more rate hikes.Specifically, the yen hovers at about 149 to a
This rate is close to its 11-month low
The won and the baht have sunk to 10-month lows.Rates stand at 1354.6 and 36.5 against the dollar, respectively.Asian banks did raise
However, rates have remained steady through 2023
Banks had hoped earlier hikes would control inflation.Asian Currencies Hit Lows Amid Economic Slump
(Photo Internet reproduction)Meanwhile, the United States Federal Reserve maintains a 22-year high in rates
He assures an ultra-accommodative monetary policy will continue.Finance Minister Shunichi Suzuki did issue a warning
Yet, markets largely brushed it aside
Some even predict certain Asian banks will soon ease their policies.The Asian Development Bank just lowered its 2023 growth forecast for the
region to 4.7%.Additionally, the Chinese yuan dropped to 7.34 per dollar earlier this month
Currently,it trades near that low at 7.30
Nomura economists suggest the Bank of Korea will cut rates in January
Capital Economics also paints a gloomy picture for emerging Asia.In conclusion, rising interest rates are putting a strain on Asian
