Japan renews warning on rapid yen moves as currency nears 160 per U.S. dollar
Japanese authorities are stepping up verbal intervention as the yen weakens toward a closely watched 160-per-U.S.-dollar threshold. The warning comes after Tokyo's market intervention this summer and amid stronger dollar momentum driven by expectations of higher U.S. interest rates.
Highlights
- Japan's currency diplomat Atsushi Mimura warns that recent yen moves are excessively rapid, without commenting on the current exchange rate level.
- The dollar climbs to 159.94 yen, its strongest in over two months, bringing the yen near the critical 160 level targeted by officials.
- Renewed yen pressure follows strong U.S. inflation data and hawkish Fed comments, fuelling expectations of rate hikes and potential Japanese intervention.
Official warning as yen pressure builds
As reported by Reuters, Japan's top currency diplomat Atsushi Mimura says recent foreign exchange moves have been excessively rapid, while declining to comment directly on the current exchange-rate level.Mimura, who serves as vice finance minister for international affairs, tells reporters it is still too early to forget what happened this summer. His remarks appear to refer to Japan's yen-buying interventions from late July through early August, including one operation conducted jointly with the U.S.
Dollar strength raises market focus
The dollar rises to 159.94 yen early Thursday, its strongest level in more than two months, bringing the Japanese currency close again to the key 160 line watched by investors and policymakers.The move is supported by growing expectations that the Federal Reserve will raise interest rates after strong U.S. inflation data and hawkish comments from policymakers, adding pressure on the yen and increasing the risk of further official pushback in Japan.
As we previously wrote, UBS Fed outlook pointed to additional rate hikes extending the tightening cycle into 2027.
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