The yen bottomed at 145.07 per dollar in early Asia trade, its lowest in over seven months, and was headed for a quarterly loss of more than 8%.
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The yen weakened past 145 per dollar on Friday, a level which kept speculators wary of potential intervention from Japanese authorities, while a faltering economic recovery in China also kept pressure on the yuan.bottomed at 145.07 per dollar in early Asia trade, its lowest in over seven months, and was headed for a quarterly loss of more than 8%.by Japanese authorities could be imminent, particularly as the level of 145 per dollar first prompted them to shore up the yen in September.
"I don't think there's a huge line in the sand, because if the other major currencies of major trading partners also move in tandem, it doesn't make sense for them to intervene," said Saktiandi Supaat, Maybank's regional head of foreign exchange research and strategy.in Tokyo rose 3.2% in June from a year earlier, exceeding the Bank of Japan's 2% target for the 13th consecutive month.for a third consecutive month in June.fell to its lowest since November at 7.
"Their efforts are to slow the pace of the currency's depreciation ... but in general, in terms of fundamentals, I think the easing policy of the PBOC and the economic environment there doesn't support the yuan," said Maybank's Supaat.rose 0.02% to $0.6070. The U.S. dollar was firmer in early Asia trade and was on track to reverse two quarters of loss against six major peers, drawing support from bets that the U.S.
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