Yen set for largest weekly drop in over two months
The Japanese yen is on track for its steepest weekly decline since May as it languishes at 40-year lows against the dollar. While Japanese officials hint at market intervention, the greenback remains supported by rising oil prices and renewed U.S. inflation concerns linked to Middle East tensions.
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The Japanese yen fell 0.9% against the dollar this week, its largest weekly decline in two months as it lingers at 40-year lows. USD/JPY reached 163.78 on Friday afternoon, despite repeated verbal warnings from officials in Japan intended to stabilize the currency. The divergence between Japanese monetary policy and rising global energy costs continues to pressure the yen.
