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Yen weakening due to low effectiveness of currency intervention
The yen continues to weaken regardless of the measures taken by the Bank of Japan to strengthen the defense of the national currency.
The drastic moves suggest that the authorities have expanded their powers to combat traders who have worsened the yen's already fragile position caused by the policy divergence between the U.S. and Japan. The Bank of Japan will meet later this week and its decision is likely to be another key catalyst for the currency.
On Monday, Finance Minister Shunichi Suzuki told reporters that the country is in a tough confrontation with speculators and cannot allow the currency to move excessively.
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