Yen Drops to Three-Decade Low and Rebounds in Volatile Session
- Selling further raises speculation over intervention
- Widening interest-rate differentials signal more pain for yen
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The yen fell to its lowest level in more than 30 years in the aftermath of Thursday’s hotter-than-expected US inflation report, before reversing the move in a whiplash trade that raised market chatter of potential intervention.
The Japanese currency fell to 147.67 per dollar, the weakest since August 1990, before bouncing back in choppy trading. It fluctuated around the 147.25 level early in Tokyo Friday.