Asia FX weakens, yen on intervention watch after breaching 150
Investing.com-- Most Asian currencies fell on Thursday as concerns over higher U.S. interest rates pushed up the dollar and Treasury yields, with traders now watching for any Japanese government intervention after the yen slid to a one-year low.next week. While the central bank is widely expected to keep rates on hold, Fed officials have still left the door open for at least one more hike this year.
Recent signs of resilience in the U.S. economy also give the Fed more headroom to keep rates higher for longer.The prospect of higher for longer U.S. rates weighed on most Asian currencies, given that it diminishes the appeal of risk-driven assets. Regional units were nursing steep losses for the year, following a sharp rise in U.S. rates.
The currency had briefly broken past 150 on October 3, before rebounding sharply from the level. This spurred speculation that the government had already intervened in currency markets. Before October 22, the yen had last broken past 150 during the onset of the lost decade in 1990.Most other Asian currencies retreated as worsening risk sentiment largely favored the dollar.
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