The yen weakened past the key ¥160-per-dollar level as it extends a slide that’s erased more than half of its intervention-fueled gains. The Japanese currency slipped as much as 0.5% to ¥160.16 versus the greenback after the dollar got a boost from Federal Reserve Chairman Kevin Warsh’s vow to hit the central bank’s inflation target. Traders now are carefully watching yen levels for signs of when authorities might move to protect the currency.
The yen has been under pressure since failing to push through ¥155 earlier this month in the wake of joint action on July 31, when the U.S. and Japan conducted their first coordinated yen-buying intervention since 1998. The latest bout of yen weakness emerges even after U.S. Treasury Secretary Scott Bessent made a fresh attempt to rein in long-term U.S. borrowing costs from multiyear highs.
Extract — continue reading at the source.
