Yen Slides to ¥160.39 per Dollar as Middle East Conflict Fuels Safe-Haven Demand

1 articles · Updated · The Japan Times · Jun 8

¥160.39 per dollar marked the yen’s weakest level since late April by midday Monday, after it moved back above ¥160 late last week and stayed there.
Safe-haven buying lifted the dollar as conflict in the Middle East intensified, while stronger-than-expected U.S. May jobs data reinforced expectations of a Federal Reserve rate hike.
Trading above ¥160 is testing Japan’s tolerance for yen weakness and challenging Tokyo to decide whether to intervene again.
Late April was the last time Tokyo stepped into the market to support the yen, making the current slide a fresh gauge of officials’ resolve.

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