Japanese yen breaches 150, intervention in focus
weakened past the key 150 level to the dollar on Thursday, raising the chances of intervention in currency markets by the government and also putting pressure on the Bank of Japan to consider tightening policy.
The yen had also weakened to as low as 150.16 on October 3, before rebounding sharply. The rebound had spurred speculation that the government had intervened in currency markets. But circumstances are different now, with a bulk of the pressure on the yen coming from a growing rift between domestic and U.S. interest rates. The Bank of Japan is the only major central bank to have negative interest rates, given that most other global banks, chiefly the Federal Reserve, hiked rates sharply over the past year to curb a spike in inflation.
The BOJ has largely maintained its dovish stance over the past year, citing the need for more economic support in the wake of the COVID-19 pandemic. It has also maintained its controversial yield curve control mechanism, having intervened in bond markets earlier this month to curb rising yields on
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