Currencies
Yen Weakens Close to Three-Decade Low Against US Dollar, Raising Intervention Risk
- Finance Minister is watching market with sense of urgency
- Slump in currency adds to pressure on the Bank of Japan
It depreciated as much as 0.3% to 150.32 per dollar, a level not seen since October 2022.
Photographer: Akio Kon/BloombergThis article is for subscribers only.
The yen slumped back past 150 per dollar again, raising the risk of government intervention in the currency market and piling pressure on the Bank of Japan to adjust monetary policy.
With another rout in US debt amplifying the yield gap to Japan, the currency on Thursday was trading well within the zone that saw authorities wade into the market last year. The weakness has also been noted by BOJ policymakers, who next week must decide whether to tweak policy that has weighed on the yen for years.