Yen Weakens Further as Japan Remains Silent - Action Forex
Japanese Yen's broad selloff intensified during the quiet Asian trading session today, with the currency continuing to weaken against major counterparts. A key factor behind Yen's decline is the ongoing surge in US and European bond yields, which diminishes the appeal of the low-yielding Yen. More striking, however, is the apparent silence from Japanese authorities, offering no verbal intervention even as USD/JPY surpassed the 152 mark. This lack of official response raises speculation that Yen could depreciate further. The next psychological support for USD/JPY is 155, and if Japan maintains its silence at that level, there is a real possibility of the pair revisiting 160, especially with the US 10-year continuing its climb toward 5%.