The yen weakened in the foreign exchange market, with the dollar falling to the ¥159 level for the first time in three weeks. The move was driven by U.S. economic indicators exceeding expectations, higher crude oil prices and expectations of a widening Japan-U.S. interest rate differential.
The yen weakened in the foreign exchange market, temporarily falling to around ¥159 per dollar. This was the weakest level for the yen in approximately three weeks, in a move reported to have taken place between the 23rd and 24th.
Market participants said that U.S. economic indicators coming in above market expectations and rising crude oil futures prices had contributed to growing inflation concerns. This, they said, had intensified selling of the yen and buying of the dollar amid a focus on the Japan-U.S. interest rate differential.
Amid these developments, there are also reports that concern over foreign-exchange intervention by the government and the Bank of Japan is growing. The news reports also include quotes from ANN News.