Yen closes in on ¥160 to the dollar as bears remain bold
The threat of a coordinated intervention is keeping the currency from breaking through.
The Japanese yen edged closer to the ¥160 mark against the US dollar on Thursday, as cautious investors weighed economic fundamentals against the likelihood of further monetary support from Japan and the United States, according to market analysts.
The yen's value had plummeted to around ¥160.80 per dollar following a coordinated intervention by both governments in late July, which had previously boosted its strength from approximately ¥162.80 to the dollar. However, the currency has since experienced a gradual decline back toward the ¥160 level.
Tsuyoshi Ueno, an executive research fellow at the NLI Research Institute, cautioned that the yen's continued weakening could trigger another joint intervention by the two nations. Ueno noted that such coordinated efforts often create a floor for the yen's value, providing a stabilizing effect.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
