Is the depreciation of the yen due to interest rate differentials a lie ?！

5/7、After the Golden Week, despite the decline in US long-term interest rates, the USD/JPY pair started by piercing the high of 154 yen in New York time. Despite expectations of yen-buying intervention by the Ministry of Finance and the Bank of Japan, the rise is being seen as strong. The common explanation for the yen weakness and dollar strength is the interest rate differential, but does this actually reflect reality? This article analyzes that and forecasts the future dollar/yen market.154円を上抜けてスタート。財務省・日銀による円買い介入観測にもかかわらず、力強い上昇となっている。円安ドル高の背景は、金利差によるとの説明が一般的であるが果たしてこれは実態を伴っているのか解説し、今後のドル円相場を占った。