Yen’s Slide Past 150 to Dollar Prompts Stern Warnings From Japan
- Move came after US headline and core CPI both topped estimates
- Top currency official Kanda says ready to take steps if needed
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The yen weakened past 150 per dollar for the first time since November, prompting the strongest pushback from Japanese officials in months, as hotter-than-expected US inflation doused bets on an early Federal Reserve interest rate cut.
The Japanese currency rose about 0.2% to 150.53 against the dollar at 3 p.m. Wednesday in Tokyo after a 1% plunge overnight that was part of a broader slide in Group of 10 currencies against the US currency. The continued strength in US prices buoyed speculation that the Fed will need to keep interest rates at two-decade highs for several more months, boosting the relative appeal of holding cash in higher-yielding dollars.