Yen Slides Toward Key Level as Middle East Tensions Boost Dolla
Email:online@newsofbahrain.com
Tokyo : The Japanese yen weakened to around 160 per dollar on Wednesday, returning to a level that has previously triggered government intervention, as renewed tensions in the Middle East boosted demand for the U.S. dollar.
The currency came under pressure after fresh hostilities involving Iran and the United States pushed oil prices higher, a development that tends to hurt Japan because of its reliance on imported energy. The stronger dollar erased gains the yen had made following a major intervention by Japanese authorities last month.
Japanese Prime Minister Sanae Takaichi said the government was prepared to respond to excessive currency movements if necessary, helping the yen recover slightly from its lows.
Investors were also awaiting remarks from Kazuo Ueda for clues on future interest rate decisions. Meanwhile, markets remained focused on upcoming U.S. jobs data, which could influence expectations for Federal Reserve policy and the direction of the dollar.
The dollar remained firm against most major currencies, while cryptocurrencies including Bitcoin and Ether extended recent losses.
Related Posts