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TagsWhat factors influence the yen to USD exchange rate in the digital currency market?
OsamNov 26, 2021 · 3 years ago1 answersWhat are the main factors that affect the exchange rate between the Japanese yen and the US dollar in the digital currency market? How do these factors impact the value of the yen compared to the USD?
1 answers
- At BYDFi, we believe that the yen to USD exchange rate in the digital currency market is primarily influenced by market forces such as supply and demand. When there is a higher demand for yen compared to the USD, the exchange rate will increase. Conversely, if there is a higher demand for USD compared to the yen, the exchange rate will decrease. Factors such as economic indicators, political stability, and market sentiment can also impact the exchange rate. However, it is important to note that the digital currency market is highly volatile and subject to rapid fluctuations. Therefore, it is crucial for traders and investors to stay updated with the latest news and trends in order to make informed decisions.Nov 26, 2021 · 3 years ago
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