Japanese yen fragile, USDJPY nears 160 amid intervention talk
Investing.com-- The Japanese yen was fragile on Monday, with the USDJPY pair nearing key intervention levels even as government officials reiterated warnings that they would step in to support the currency.pair, which gauges the number of yen required to buy one dollar, rose slightly on Monday to 159.93 yen. The pair was close to reaching 160 yen, which was its highest level in over 30 years, and had sparked intervention by the government in May.
The yen’s latest decline was driven by somewhat dovish signals from the BOJ at its June meeting. The central bank kept interest rates unchanged and said it had no immediate plans to tighten policy further, and that a decision on cutting back its bond purchases will only be made in July. The BOJ had hiked rates for the first time in 17 years in March, bringing them out of negative territory after nearly a decade. But the move provided little support to the yen, which remained under pressure from a wide gulf between U.S. and Japanese interest rates.Recent weakness in the yen came even as Japanese government officials kept up warnings over potential intervention.
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