Yen breaks above 145/$ level in choppy trading, dollar firm
The yen was volatile on Monday after slipping to its lowest for the year against the dollar, breaching the key 145 level as traders warily looked for clues on possible intervention, while the dollar rose to touch a more than one month high. Japan's low yields have made the currency an easy target for short-sellers and funding trades, with the widening gap in the interest rates between Japan and the United States leading to persistent weakness in the yen. The yen has fallen around 20% since the Federal Reserve began rapidly raising rates to combat soaring inflation in March 2022, while t...