Dollar briefly dives below 153 yen amid wariness over intervention
The dollar briefly dived below 153 yen in Asian trading on Wednesday (February 11) amid wariness over possible yen-buying intervention by Japanese authorities.
Dollar selling continued from overnight New York trading, when data suggesting a US economic slowdown was released.
The greenback was also under pressure after White House economic adviser Kevin Hassett said in a Monday television interview that US employment growth may slow in the coming months due to population decline and improved productivity.
The Tokyo market is closed on Wednesday for a national holiday.
Following the ruling Liberal Democratic Party's landslide victory in Sunday's general election in Japan, the yen initially came under selling pressure on Monday, but it has since been rallying as traders are concerned that Japanese authorities could intervene in the currency market.
The Japanese currency was also supported by hopes that the Japanese government could respond flexibly to concerns about fiscal deterioration after the ruling bloc's election victory.
[Copyright The Jiji Press, Ltd.]
