The Japanese yen has fallen to its weakest level against the US dollar since 1986, putting traders on alert that officials might again be forced to step in to support the ailing currency. The yen slipped 0.6 per cent against the dollar to ¥160.65 on Wednesday, past the level it reached in late April before Japan’s finance ministry spent a record ¥9.8tn to boost the currency.
Although the Bank of Japan ended eight years of negative interest rates in March, it has been cautious about the prospect of further increases in Japanese borrowing costs. A rebound in the yen to ¥151.85 per dollar in early May after Japan’s previous market intervention soon gave way to further weakening, as investors focused on the yawning gap between US and Japanese interest rates.
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