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Yen slides past key 150 per dollar mark, markets braced for intervention

By Leika Kihara and Kantaro Komiya TOKYO (Reuters) -The yen tumbled past the key psychological level of 150 to the dollar on Thursday for the first time since 1990, despite...
Yen slides past key 150 per dollar mark, markets braced for intervention © Reuters. FILE PHOTO: Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration/File Photo

By Leika Kihara and Kantaro Komiya

TOKYO (Reuters) -The yen tumbled past the key psychological level of 150 to the dollar on Thursday for the first time since 1990, despite Japanese policymakers' repeated threats of intervention to address excessive currency market volatility.

The dollar/yen's break above the key milestone heightens pressure for Tokyo to step into the currency market again to rein in the Japanese currency's relentless decline.

Earlier in the day, Japanese Finance Minister Shunichi Suzuki vowed to take "appropriate steps" against excessive currency market volatility.

The Bank of Japan, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying, in a show of resolve to maintain the ultra-low interest rate policy that is blamed for pushing down the yen.

The central bank's step underscores the dilemma Tokyo faces in trying to contain unwelcome yen falls, without resorting to interest rate hikes that could derail Japan's fragile recovery.

"Recent rapid and one-sided yen declines are undesirable. We absolutely cannot tolerate excessively volatile moves driven by speculative trading," Suzuki told parliament on Thursday.

"We will continue to take appropriate steps against excess volatility, while watching currency market developments with a strong sense of urgency," he said.

The Ministry of Finance, which holds jurisdiction over currency policy, spent 2.8 trillion yen ($19 billion) in dollar-selling, yen-buying intervention last month when authorities acted in the markets to prop up the yen for the first time since 1998.

The yen tumbled below 150 against the dollar on Thursday, its weakest since August 1990, keeping investors on high alert to the possibility of another Japanese intervention in the currency market.

Japanese policymakers have signalled that they were watching the speed of yen moves, rather than target a specific level, in deciding whether to intervene.

BOJ Governor Haruhiko Kuroda on Wednesday ruled out the chance of raising the bank's ultra-low interest rates to moderate the yen's downtrend, even as he warned that sharp yen moves would hurt the economy.

While market worries about intervention have kept the pace of yen falls fairly slow, analysts expect the currency to remain on a downtrend as long as the BOJ remains a dovish outlier among a global wave of central banks hiking rates.

The BOJ faces renewed challenges in keeping long-term interest rates stably low with its policy dubbed yield curve control (YCC), under which it pumps money aggressively to cap the 10-year bond yield around 0%.

The central bank conducted emergency bond-buying operations on Thursday, as rising global yields pushed the 10-year Japanese government bond (JGB) yield above its implicit 0.25% cap for the second straight day.

"The BOJ likely sent a message to markets, which is having some effect," said Shinsuke Kajita, chief strategist at Resona Holdings in Tokyo. "But it's hard to keep JGB yields from rising, given very strong upward pressure from overseas."

The BOJ is widely expected to maintain its massive stimulus programme at its next two-day policy meeting ending Oct. 28.

Once welcomed for the competitive boost it gives exports, the weak yen has become a headache for policymakers as it inflates the costs of already expensive imported fuel and raw materials.

($1 = 149.8700 yen)

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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1.2475

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157.91

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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