Currencies
Forget 160, Traders See Yen Slumping as Far as 170 This Time
- The currency is within range of recent intervention level
- Short-term intervention doesn’t work, ATFX’s Twidale says
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The yen is at risk of sliding to levels last seen in 1986, with bearish traders unfazed by the specter of government intervention to bolster Japan’s embattled currency.
A slump as far as 170 per dollar — some 10 yen from current levels — is possible amid continued selling of the currency in favor of the higher-yielding greenback, according to Sumitomo Mitsui DS Asset Management Co. and Mizuho Bank Ltd.