Judging from the situation of the whole foreign exchange market, since the outbreak of COVID-19 in the United States, the United States has taken great measures to release water, making the liquidity of the US dollar unprecedented. In this context, the exchange rate of the US dollar against the Japanese yen only fell for a long time, in other words, the Japanese yen appreciated during this period.

However, with Trump's stepping down, the improvement of epidemic control in the United States, and the implementation of a new round of stimulus plan, under this background, the dollar is bullish against the yen as a whole, with only a phased decline, which is in sharp contrast to the previous continuous decline.