Yen Weakens Near Key 160 Level
Published on: Jun 24, 2024|1 min read
London: 24 June 2024 (TraderMade): The Japanese Yen (JPY) is teetering near 160 Yen to the US Dollar (USD) as Japanese authorities warn of potential intervention.
Verbal Intervention Heats Up
Japan's Finance Minister reaffirmed the country's commitment to protecting the Yen, stating that it is "ready to take action" if volatility threatens stability. This statement follows earlier interventions by the Bank of Japan.
USD Strength Adds Pressure
A broader, strong USD adds to the Yen's woes. If key US inflation data are higher than expected, the USD could further strengthen.
Uncertain Future for Yen
The Yen's future remains to be seen. While verbal intervention may offer temporary support, investors watch US inflation data and the BoJ's next moves.
