Yen might be on its way to ¥164 to the dollar
After the Japanese currency breaks ¥160, a bank starts to wonder whether all the intervention gains could soon be lost.
A Tokyo bank issued a warning that the yen may be on track to reach values as low as ¥164 against the dollar if it continues to weaken, after the currency reached a key level in recent trading. The yen traded above ¥160 to the dollar in U.S. markets for the first time in nearly a month and again on Monday, indicating that the massive intervention in late July may not have provided lasting support for the Japanese currency.
According to a report by Sumitomo Mitsui Banking, if there are no specific triggers, the dollar could potentially climb back towards its pre-intervention peak of just under ¥164.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
