The appreciation of the yen will drive the strengthening of the won, Singapore dollar, and baht

According to Jinshi reports, strategists from Citigroup and Barclays Bank stated that the appreciation of the yen may drive various Asian currencies stronger, especially the South Korean won, Singapore dollar, and Thai baht. The yen has risen more than 4% over the past three trading days, while during the same period, the South Korean won, Thai baht, and Philippine peso have all appreciated by at least 0.7%.

Strategists pointed out that recent USD/JPY intervention actions may have spillover effects on the Asian foreign exchange market, pushing up Asian currencies sensitive to the yen's movements.