The yen falls below the 160 level against the US dollar, hitting its weakest level since 2024.

The Japanese yen fell below 160 against the US dollar, hitting the weakest level so far this year, intensifying the risk of Japanese officials intervening in the market to provide support. The depreciation of the yen will deepen the concerns of Japanese decision makers. Earlier this week, Japanese Finance Minister Kaori Suegiya stated that Tokyo remains highly vigilant against speculative actions and is ready to respond according to the fluctuations in the foreign exchange market. The Japanese central bank has been under pressure since its April meeting this week. Governor Haruhiko Kuroda did not provide a clear guidance on the timing of the next interest rate hike. After the Federal Reserve's policy meeting on Wednesday, the yen fell by about 0.5% to 160.47 yen per US dollar, the weakest level since mid-2024.