The Japanese yen weakened above the USD/JPY 155.00 level today, its lowest level since the mid-1990s. Markets are watching closely for signs of intervention by the Japanese authorities to support their currency. The dollar is strengthening against a basket of currencies. It recovered from a drop caused by Tuesday’s data showing that business activity in the US slowed this month.
The dollar index, which tracks the dollar’s performance against a basket of six leading world currencies, added 0.2 percent to 105.88 points around 6:15 p.m. CEST. The euro lost 0.2 percent against the dollar at 1.0682 EUR/USD. The dollar was up 0.2 percent against the Japanese yen at $155.10/JPY. The euro was flat against the Japanese yen, trading at 165.69 EUR/JPY.
The weakness of the Japanese yen against the dollar fueled market fears of currency intervention. Japanese Finance Minister Shunichi Suzuki and other politicians said they were closely monitoring the currency’s movements and would respond if necessary.
However, a senior official in the ruling party, Takao Ochi, told Reuters that intervention could be triggered by the currency falling to 160 yen to the dollar. If the yen continues to fall towards 160 or 170 yen to the dollar, “it may be seen as excessive and could prompt monetary policy makers to consider some measures“, he stated.
Market participants are taking Japanese comments on the yen with a grain of salt, according to Reuters.
Development of the USDX dollar index (1-hour chart – H1):
Development of the currency pair EUR/USD (1-hour chart – H1):
Development of the currency pair EUR/JPY (1-hour chart – H1):
Development of the currency pair USD/JPY (1-hour chart – H1):
Source: Reuters, ČTK, MT4
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