Yen weakens past ¥160 per dollar, eroding intervention gains
Traders now are carefully watching yen levels for signs of when authorities might move to protect the currency.
The Japanese yen has fallen below the critical ¥160 per dollar mark, eroding the gains achieved through intervention efforts. The slide has wiped out more than half of the currency's recovery from its intervention in early July. The yen slipped as much as 0.5% to reach ¥160.16 against the U.S. dollar, following Federal Reserve Chairman Kevin Warsh's promise to meet the central bank's inflation goal.
Market participants are now closely monitoring yen levels to gauge when authorities might step in to support the currency. The yen has faced increasing pressure since failing to surpass the ¥155 level earlier this month, following a coordinated yen-buying intervention by the U.S. and Japan on July 31, marking their first such action since 1998.
This latest decline in the yen's value occurs even after U.S. Treasury Secretary Scott Bessent attempted to curb long-term U.S. borrowing costs that had reached multiyear highs.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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