The yen weakened to 160.82 against the greenback according to FactSet data, breaching the previous record of 160.03 on April 29 and reaching its weakest level since 1986.
Carol Kong, economist and currency strategist at the Commonwealth Bank of Australia is of the view that "we may be closer to another FX intervention."Sheets of newly-designed Japanese 10,000 yen banknotes move through a machine at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 19, 2024. Persistent weakness in the yen is raising concerns about the potential for a resurgence in cost-push inflation, likely weighing on private consumption.
That was the first time that the Japanese government has undertaken such a market measure since October 2022, according to ministry records.Carol Kong, economist and currency strategist at the Commonwealth Bank of Australia, is of the view that "we may be closer to another FX intervention." She also said that the U.S. May personal consumption expenditures data — set to be released on Friday — might provide a catalyst for Japan to intervene if it is stronger than expected and pushes the USD/JPY pair sharply higher.Reuters reported that Kanda said Japanese authorities were "seriously concerned and on high alert" about the yen's rapid decline.
"It is generally accepted that the current weakness in the yen is not necessarily justified, therefore believed to be driven by speculators," Kanda told reporters on Wednesday. He added that authorities "have been preparing to act against excessive volatility."
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