Reported 9 months ago
The Japanese Yen depreciated to below 160 against the US Dollar, hitting a 38-year low, and continued to decline towards 161 on June 27th. Analysts warned that without official intervention from Japan, the Yen could further depreciate, with 165 as a potential new support level. Despite some securities firms having a positive outlook, predicting a rise to 120 Yen per Dollar, concerns over Japan not intervening in the depreciation persist. Speculation on significant Yen buying by Japanese authorities to support the currency is rampant in the market.
Source: YAHOO