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The yen dam has been breached, but hasn't burst.The currency's brief slide on Wednesday to a new 34-year low near 152 per dollar triggered an emergency meeting of Japan's three main monetary authorities, suggesting direct intervention in the market to stop what they consider disorderly and speculative moves is imminent.Asian market focus on Thursday will be on whether Tokyo backs up its increasingly loud and frequent warnings with action.
Analysts at HSBC note the dollar is not in the 'bubble-like state' of late 2022, so the risk is any action now would yield"very limited success." Japan's officials may not fully welcome the yen's weakness, but equity investors do. The Nikkei is on the brink of new highs, up nearly 22% so far this year and on track for its best quarter since Q2 2009.
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