SINGAPORE : The yen weakened past 145 per dollar on Friday, a level which kept speculators wary of potential intervention from Japanese authorities, while a faltering economic recovery in China also kept pressure on the yuan.The yen bottomed at 145.07 per dollar in early Asia trade, its lowest in over sev
SINGAPORE : The yen weakened past 145 per dollar on Friday, a level which kept speculators wary of potential intervention from Japanese authorities, while a faltering economic recovery in China also kept pressure on the yuan.
"I don't think there's a huge line in the sand, because if the other major currencies of major trading partners also move in tandem, it doesn't make sense for them to intervene," said Saktiandi Supaat, Maybank's regional head of foreign exchange research and strategy.Data on Friday showed core consumer prices in Tokyo rose 3.2 per cent in June from a year earlier, exceeding the Bank of Japan's 2 per cent target for the 13th consecutive month.
Chinese authorities this week ramped up efforts to slow yuan depreciation, with the People's Bank of China fixing stronger-than-expected midpoint rates and state banks selling dollars both onshore and offshore. The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, data on Thursday showed, while the Commerce Department the same day raised its estimate of first-quarter gross domestic product.
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