Overview
- The currency touched about ¥158.52–¥158.62 to the dollar in New York on Friday morning, marking the softest level since Japan’s April 30 intervention.
- In Tokyo trading earlier Friday, the yen hovered near ¥158.44–¥158.45 at 5 p.m. local time as traders bought back yen when prices neared the high‑¥158s on intervention worries, according to a forex broker.
- Dollar buying strengthened after U.S. reports such as retail sales pointed to steady growth, which reduced hopes for near‑term Federal Reserve rate cuts and kept U.S. yields relatively high.
- Persistently high oil prices added pressure because Japan imports much of its energy, which can worsen trade costs when the yen is weak.
- U.S. stocks opened lower alongside the stronger dollar, with the Dow down about 505 points by 9:45 a.m.