Yen’s Slide Brings It Near Closely Watched 155 Level Before BOJ
- The yen is eying its seventh straight day of declines
- Level of 155 may spur verbal intervention, earlier BOJ hike
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The yen’s rapid decline in the past week toward 155 against the dollar has strategists warning that further weakness may trigger verbal intervention from authorities and add pressure on the Bank of Japan to hike interest rates.
The yen has tumbled about 2.8% against the dollar so far this month, one of the worst performance among major currencies. Hitting 155 would take it to the weakest level since Nov. 22. Japan’s currency was little changed at 154.02 as of 4:11 p.m. in Tokyo and any decline from here would put it on course for a seven-day slump, the longest rout since June.