Reported 8 months ago
Japanese officials are on standby 24 hours a day ready to intervene as the Japanese Yen nears the 160 per US dollar mark, with experts predicting a potential drop to 170 yen if it falls below. Former officials note that the yen is no longer considered a safe-haven currency, and the government has previously intervened with 9.8 trillion yen to support the currency. The Vice Finance Minister cautions that excessive currency fluctuations will have a negative impact on the economy and hints at potential government actions to prevent speculation-driven reactions in the forex market. Concerns are raised that if the yen weakens past 160 yen without intervention, it may reach a new low of 170 yen.
Source: YAHOO