Yen Drops After Takaichi Comment Cools Intervention Speculation

The yen slid after Japanese Prime Minister Sanae Takaichi said a weak currency can be a major opportunity for export industries, cooling speculation that her government is poised to intervene to support the yen.

Japan’s currency dropped as much as 0.5% to 155.51 against the dollar on Monday. It has now reversed about half of its gain from last week, stoked by speculation of a coordinated intervention from Japanese and US authorities.