The Japanese yen slipped to around the 160-per-dollar level, a threshold that has historically triggered government intervention in currency markets. Japan has already spent over 100 billion dollars this year defending its currency, including 11.7 trillion yen in unilateral interventions and up to 36.58 billion dollars in a single operation. On July 28, the currency hit 163.73 per dollar, its lowest level in nearly 40 years. Japan and the United States subsequently carried out a coordinated yen-buying intervention, the first such joint effort since 1998, briefly pushing the currency back to a 155-157 range. Japanese Finance Minister Satsuki Katayama has signaled readiness to intervene again if conditions warrant.
Source: Read the original article
