Japanese yen drops on intervention worries
The Japanese yen fell to near its lowest levels in over 35 years against the dollar, reaching 163.24 per dollar, the lowest since late 1986, amid concerns that Japanese authorities may intervene to halt the decline. This decline occurred alongside a broad strengthening of the dollar, supported by rising oil prices and U.S. Treasury yields, while markets are also watching the escalation in the Middle East. Despite previous interventions by the Japanese government, the yen remains weak due to negative domestic interest rates, with the trading range expected to be between 160 and 165 yen per dollar.
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