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Market Chatter: Yen Plunges to Weakest Since 1986

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Japan's currency dropped to 161.98 per dollar in New York, its lowest point in four decades and a breach of the level that triggered official buying in mid-2024, Bloomberg News reported on Tuesday, citing its own data.

The 0.2% decline has raised alarms in Tokyo and sharpened trader focus on potential government steps to prop up the exchange rate, the news wire said.

The previous instance of such weakness occurred during a starkly different period, when the yen was surging on the back of a U.S.-led currency pact, the publication said.

Authorities now face renewed pressure as the slide revives memories of that historic rally in reverse, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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