The Bank of Japan will be on display in Tokyo on September 20, 2023.
19:53 JST, June 26, 2024
LONDON – The yen temporarily weakened to the level of ¥160 per dollar on the London currency market on Wednesday, the first time in about two months since April 29, when the government and the Bank of Japan reportedly intervened in the market.
The yen sold off against the dollar thanks to the strength of the US economy. Also underlying the dollar’s strength is that expectations of an impending US interest rate cut were tempered by comments from a senior Federal Reserve Board official.
When the yen weakened to the ¥160 level in April, the Japanese government and central bank reportedly intervened to buy the yen and sell the dollar, and the exchange rate quickly turned to a strengthening of the yen.
The market is becoming increasingly wary of whether further intervention will take place.
