As yen looks set to weaken, intervention seen a drop in bucket japantoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from japantoday.com Daily Mail and Mail on Sunday newspapers.
The yen hovered mostly in the lower 144 zone against the U.S. dollar on Sept. 8 in the morning in Tokyo as market participants waited to confirm Federal Reserve Chairman Jerome Powell s stance on interest rate hikes at an event later in the day.
TOKYO: The yen declined to its lowest since 1998 as a surge in Treasury yields heaped more pressure on the currency, prompting warnings from Japanese government officials.
This would not be a simple matter because chairman of the US Federal Reserve Jerome Powell admitted the previous week that the task would be “very challenging”. Still, Powell confirmed the Fed’s commitment to controlling inflation was “unconditional”.