The yen weakened to 160.82 against the greenback according to FactSet data, breaching the previous record of 160.03 on April 29.
The yen weakened to 160.82 against the greenback according to FactSet data, breaching the previous record of 160.03 on April 29 and reaching its weakest level since 1986.
Carol Kong, economist and currency strategist at the Commonwealth Bank of Australia is of the view that"we may be closer to another FX intervention."hit a near-38 year low against the U.S. dollar late Wednesday, raising expectations that authorities could intervene in currency markets again.The last time the yen crossed the 160 level, the currency subsequently strengthened sharply during the trading session, prompting analysts to speculate about an intervention.
That was the first time that the Japanese government has undertaken such a market measure since October 2022, according to ministry records.Carol Kong, economist and currency strategist at the Commonwealth Bank of Australia, is of the view that"we may be closer to another FX intervention." She also said that the U.S. May personal consumption expenditures data — set to be released on Friday — might provide a catalyst for Japan to intervene if it is stronger than expected and pushes the USD/JPY pair sharply higher."It is generally accepted that the current weakness in the yen is not necessarily justified, therefore believed to be driven by speculators," Kanda told reporters on Wednesday.
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