The yen briefly reached the ¥152-per-dollar range, its strongest level in about six months. It broke through the ¥155 barrier, which had remained unbreached despite coordinated intervention by Japan and the United States.
In the foreign exchange market on the 8th, the yen briefly reached the ¥152-per-dollar range, its strongest level in about six months, since February this year. The yen continued to strengthen, rising above the level that had been regarded as a resistance line.
The yen continued to firm and moved higher even after Japan and the United States conducted coordinated foreign exchange intervention, breaking through the so-called “¥155 barrier” and advancing in the direction of yen appreciation. This has heightened awareness of a further strengthening of the upward trend.
Finance Minister Katayama avoided referring to a specific level, but said Japan’s and the United States’ policy of responding to exchange-rate movements had not changed at all since coordinated intervention was conducted. The minister also said the government would maintain close communication with the U.S. Treasury Department and work to maintain orderly foreign exchange markets.