Yen’s Slide to 150 Puts Japan on Alert for Further Weakening
- Some strategists see yen slumping as far as 160 against dollar
- Japan’s top currency official warns he is watching the market
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Japan’s top currency official’s warning after the yen weakened beyond 150 per dollar underscored the possibility of further slippages despite intervention risks.
The yen rebounded as much as 0.2% to 149.86 per dollar after the official, Atsushi Mimura, said there are currently slightly one-sided, sudden moves in the foreign-exchange market. Yen watchers see the currency depreciating as far as 160 per dollar, largely due to strong data from the US that’s leading traders to dial back bets on rate cuts from the Federal Reserve.