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South Shore school lunch program setting the standard | SaltWire #school #lunch #educationTOKYO - Japanese authorities likely won't intervene in the currency market unless the yen plunges below 155 to the dollar, former top currency diplomat Hiroshi Watanabe said on Thursday.
While markets may be focusing on whether the dollar will rise above 152 yen, Japanese authorities likely won't see any break above that level alone as a strong enough reason to intervene, he told Reuters in an interview. The 155 line would be a psychologically important level and a break above it would draw a lot of media attention, thereby heightening the chance of intervention especially if the yen's declines are big, Watanabe said.
The yen has been on a downtrend despite the Bank of Japan's decision last month to end eight years of negative interest rates, as traders interpreted its dovish language as signalling that the next rate hike will be some time away.
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