Japan Vows Action as Yen Slides to 160.76 Despite Record 11.7 Trillion Yen Intervention
Updated
Updated · WHBL · Jun 17
Japan Vows Action as Yen Slides to 160.76 Despite Record 11.7 Trillion Yen Intervention
3 articles · Updated · WHBL · Jun 17
Summary
160.76 yen per dollar left Tokyo warning it can act "at any time," as the currency erased all gains from late-April intervention and hovered near a two-year low.
A widening rate gap drove the renewed slide: the BOJ lifted rates to 1%, but the Fed held at 3.50%-3.75% and signaled a possible hike later this year.
11.7 trillion yen, or $72.87 billion, was spent supporting the currency between late April and early May, yet officials have offered little beyond repeated warnings since then.
Speculative net short yen positions have climbed to their highest since July 2024, reinforcing market doubts that intervention alone can stabilize the currency.
Analysts now see the BOJ under pressure to raise rates again as early as October or December, though easing Middle East-driven energy costs could reduce that urgency.