Yen Nears 160 Per Dollar as Two-Week Slide Raises Intervention Risk

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Japan's continuous decline in currency fuelled fears of official intervention in exchange markets, in conjunction with the return of markets in Tokyo from official holidays, to bring yen back closer to the critical level of 160 yen per dollar. Strategic analysts believe that 160 represents a test of Japan's acceptance of Yen weakness, as its value continues to decline following the monetary policy meeting [...].

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According to ChainCatcher, with Japan ending its holiday, the risk of yen intervention has once again come into focus. The yen has fallen for two consecutive weeks, approaching the 160 mark. Strategists believe that the 160 level will once again test Japan's tolerance for yen depreciation. Strategists at the Commonwealth Bank of Australia stated that if the USD/JPY exchange rate breaks through 160, it will increase the likelihood of official int…