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Yen Plummets to Multi-Year Lows, Nearing Intervention Threshold
TOPICS
The Japanese yen weakened to around 159.40 per dollar, nearing the 160 level that prompted market intervention by authorities in late April. In response, Japan’s top currency diplomat Masato Kanda stated the government’s readiness to act against speculative currency movements. Concurrently, the US Treasury added Japan to a watchlist for potential currency manipulation.
These developments occurred against the backdrop of the Bank of Japan’s recent policy decision. The central bank maintained its massive bond purchasing program, promising to release a plan for winding down these purchases at its July meeting.
Meanwhile, Japan’s economic indicators showed mixed signals. The annual headline inflation rate rose to 2.8% in May from 2.5% in April, reaching its highest level since February. Although the core inflation rate also increased from 2.2% to 2.5%, it fell short of the forecasted 2.6%.
(USDJPY Weekly Chart)
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