TOKYO - The yen continued to drift lower against the dollar on Tuesday as gaping interest rate differentials weighed on the currency, despite fresh warnings from Japanese officials following two rounds of suspected dollar-selling intervention last week.
Japan's Ministry of Finance has refrained from commenting on whether it was behind the dollar selling, but top currency diplomat Masato Kanda repeated on Tuesday that the government"will continue to take the same firm approach" to disorderly yen moves. "The risk is USD/JPY creeps back up and forces Japan's Ministry of Finance to intervene," but barring that, the dollar is likely to see a period of consolidation into the Bank of England policy decision on Thursday, she said.
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