Eliin faces biggest weekly drop in three months
The Japanese yen is heading towards its largest weekly loss in three months, as the impact of recent government intervention to support it diminishes, resulting in a roughly 1% decline this week to 159.43 against the dollar. After the government's intervention in July, the yen temporarily rose to nearly 155 against the dollar, but it has since retreated towards 160, a level that could prompt governments to take new measures. The decline is attributed to the weakened effect of the intervention, with the market anticipating a possible wave of official buying, while the US dollar remains supported due to rising oil prices and Middle Eastern tensions, despite some expectations of a easing in US interest rate hikes.
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