Yen Drop Deepens After US Data, Raising Intervention Risk
- Dollar-yen blows past 153 on Wednesday afternoon in New York
- Japan officials have ramped up warnings about yen weakness
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The yen plunged through a level that Wall Street has warned could push Japanese authorities to step into the market to support the currency and then kept on going.
The Japanese currency fell nearly 1% to 153.24 versus the greenback on Wednesday afternoon in New York, the weakest level since 1990. The move came after a report showed US consumer prices rose more than estimated in March, triggering a surge in US Treasury yields and the dollar as investors scaled back bets on US interest-rate cuts this year.