SINGAPORE : The dollar pushed the yen deeper into intervention territory on Thursday as a resilient U.S. economy underscored the need for higher-for-longer interest rates, while a strikingly ultra-dovish Bank of Japan struggled to defend its policy stance.
The yen bottomed out at 146.565 per dollar in early Asia trade, its lowest level since November, having come under renewed pressure as a result of interest rate differentials between the U.S. and Japan. "We've got the U.S. staying really resilient still, under the weight of high interest rates," said Carol Kong, a currency strategist at Commonwealth Bank of Australia .
The Japanese currency has come under close watch since it touched the key 145 per dollar level for the first time in about nine months last Friday, crossing into a zone that sparked an intervention by Japanese authorities in September and October last year.
Source: Financial Digest (financialdigest.net)
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