This is the forex quote for the Hong Kong Dollar against the Japanese Yen
. In this quote, the value of one HKD (the 'base currency') is quoted in terms of JPY (the 'counter currency'). The Hong Kong Monetary Authority pegs HKD to the US Dollar
, meaning the pair tracks closely with USD/JPY
and is primarily driven by developments guiding that exchange rate. These include trends in Federal Reserve and Bank of Japan monetary policy as well as swings in overall market sentiment courtesy of the Yen's status as a go-to funding currency for carry trades.