(Bloomberg) -- The yen weakened beyond 155 per dollar for the first time in more than three decades, fueling risk that the key level may prompt Japan to step...
-- The yen weakened beyond 155 per dollar for the first time in more than three decades, fueling risk that the key level may prompt Japan to step into the market.Meta Projects Higher Spending in Deeper Push Into AI
Japanese officials have said repeatedly that they will take necessary action to address excessive moves in the yen if needed. The authorities have emphasized a focus on the pace of the currency’s depreciation rather than a precise level. Traders will be alert to any comments from officials in Tokyo on Thursday that suggest a higher state of readiness for intervention.
“A surprising rate hike would make much more sense than FX interventions,” said Piotr Matys, senior FX analyst at InTouch Capital Markets Ltd. While Matys sees it as a low-probability scenario, “the most efficient way to stabilize a battered currency is to surprise the market with a rate hike.” Japan intervened in markets three times in 2022 to prop up the yen after the currency weakened to 151.95 against the dollar. Tokyo spent more than ¥9 trillion across three occasions in that campaign, which was conducted largely without criticism from international allies including the US.
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