Yen Tests 160 for Third Session as Gulf Tensions Lift Dollar
Updated
Updated · CNBC · Jun 5
Yen Tests 160 for Third Session as Gulf Tensions Lift Dollar
3 articles · Updated · CNBC · Jun 5
Summary
The yen briefly hit 160 per dollar for a third straight session on Friday, leaving it on course for a fourth weekly loss despite repeated official warnings from Tokyo.
Finance Minister Satsuki Katayama said Japan was ready to act at any time and take “decisive action” against excessive volatility, with 160 widely viewed as the trigger level for intervention.
Safe-haven demand tied to renewed Middle East fighting helped keep the dollar firm, while Brent crude held above $90 and the dollar index headed for a 0.5% weekly gain.
Japan’s earlier intervention—costing $73 billion in late April—has been largely erased, and analysts say the dollar would need to fall sustainably below 155 to break the broader uptrend.
The pressure comes just before the Bank of Japan’s June 15-16 meeting, where stronger wages and higher fuel-driven prices still support another rate hike unless the regional conflict sharply worsens.