Gold price hits record in Japan on fear of yen stagflation

Feb 22, 2022 | News On Japan

Feb 22, 2022 (Nikkei) - The price of gold in Japan rose to its highest level ever on Monday, driven by what analysts say is a combination of geopolitical risk and worries over a weakening yen.

Gold futures on the Osaka Exchange touched 7,041 yen ($61) per gram before giving back some gains on reports that U.S. and Russian leaders were open to a summit to defuse tensions over Ukraine.

Concerns over rising inflation worldwide create a tailwind for gold. But unlike the last time the precious metal set a price record in Japan roughly 18 months ago, dollar-denominated New York gold futures are hovering below their all-time high.

This divergence reflects the yen's waning strength, now at a roughly 50-year low in terms of its real effective exchange rate.

"Even among young people, you are seeing investment in gold to avoid the risk of holding only yen assets out of concern about being able to maintain purchasing power into retirement," said Itsuo Toshima, a veteran gold analyst.

Compared with the end of July 2020, just before gold's last high, the value of the dollar has risen by 4% against gold, while the yen has fallen by 4%. ...continue reading

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