Yen’s weekly loss puts pressure on Bank of Japan
The currency has surrendered roughly half the gains sparked by interventions in late July and early August, falling about 0.9% this week to ¥159.15 per dollar.
The Japanese yen experienced its largest weekly decline in nearly a month, leading to speculation about potential official intervention. Traders believe that either rate hikes or further buying by authorities may be required to halt the currency's downward trend. The yen has shed roughly half of the gains made following interventions in late July and early August, losing about 0.9% this week to trade at ¥159.15 per dollar.
It had previously tumbled to 40-year lows near ¥164 per dollar following intervention in July. The decline in the yen mirrors a similar drop in May, when it also fell after a round of official buying. Mark Dowding, CIO for fixed income at RBC BlueBay Asset Management, expressed interest in observing whether the yen will face the limits of intervention in the coming days or if policymakers in Japan and the United States will proactively intervene again.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Yen’s weekly loss puts pressure on Bank of Japan freemalaysiatoday.com
