The yen fell to more than 145 yen against the dollar today, a level that has raised fears that Japanese authorities may intervene while pressure on the yuan continued due to China’s weak recovery.
The Japanese currency was at a low of 145.07 yen per dollar at the start of Asian trading, registering its lowest level in more than seven months and heading for a quarterly loss of more than 8%.
Renewed yen declines have fuelled speculation that Japanese authorities will intervene imminently, especially since the 145 yen dollar level prompted the authorities to intervene in defence of the currency in September.
An official factory survey in China today showed manufacturing activity contracted for the third consecutive month in June. The yuan fell to its lowest level since November, hitting 7.2615 yuan per dollar, just before Friday’s trading began.
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