In Japan, more than 160 yen were offered for a dollar — Anadolu Agency

In Japan on Friday, more than 160 yen were offered for one US dollar. The Japanese currency fell to its lowest level since early September after coming under selling pressure throughout the week, Anadolu Agency reports.

Warning from Japanese authorities

The weakening yen prompted Japanese authorities to warn of possible intervention in the currency market. Finance Minister Satsuki Katayama said that Japanese officials would maintain close coordination with their US counterparts and take appropriate measures if necessary to respond to excessive and sharp fluctuations in the foreign exchange market.

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Japan’s top currency diplomat Atsushi Mimura also warned investors not to ignore last summer’s events, when Japanese and US authorities jointly intervened in the market to support the yen.

Impact of the dollar and Fed policy

The latest decline of the Japanese currency came amid the overall strengthening of the US dollar. The market expects more decisive interest rate increases by the Federal Reserve following stronger-than-expected US inflation data and increasingly hawkish statements by Fed representatives.