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The plunge to 160 per dollar immediately filled news reports and social media across Japan. “We cant let our guard down,” Iguchi called repeatedly as trading ensued. Other so-called red-line levels — 155 and 158 — had fallen with no pushback. Some were starting to ask if the authorities would ever act.
THE yen fell back into prime intervention territory Wednesday, as analysts debated whether its decline was extreme enough for Japanese authorities to prop up the currency as they did last month. The currency fell to 146.39 per dollar, surpassing the level that prompted Japan’s first intervention to buy the yen…