Yen Might Drop Below 160 Amid Japan's Intervention
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The Japanese yen has surpassed the 160 yen per dollar level for the first time since the Japanese government coordinated with the United States to support the currency last July. This decline came amid a strong dollar and expectations of continued increases in U.S. interest rates, with forecasts suggesting that the likelihood of the Bank of Japan raising its interest rates at the September meeting has risen to about 88%. Additionally, Tokyo’s recent intervention in the foreign exchange market recorded an all-time high of $96 billion (15.4 trillion yen), reflecting concerns over the yen's persistent weakness and the possibility of further intervention by Japanese authorities to prevent additional decline.
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