The Japanese yen is trading at around 160 to the dollar on Wednesday, hovering near the level that prompted joint intervention by Washington and Tokyo in late July.
US Treasury Secretary Scott Bessent has been pressing the Bank of Japan and Japan's finance minister to raise interest rates, with Japanese benchmark borrowing costs climbing above three per cent for the first time since 1996.
Markets are now pricing in roughly a three-in-four chance of a Bank of Japan rate rise later in September.
Jagruti Dave reports from Washington.
IN: “A US readout...”
OUT: “...pressures in Japan.”
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Jagruti Dave, reporting from Washington, says the falling yen has driven up the cost of imported goods in Japan, while Washington fears Tokyo may be forced to sell US government bonds to defend its currency.
IN: “The yen continues...”
OUT: “...struggling to support.”
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Jagruti Dave in Washington says the yen's weakness has had a direct impact on Japanese consumers, driving up the price of imported goods.
IN: “Washington is worried...”
OUT: “...struggling to support.”
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http://www.fsnradionews.com/feeds/0902-0308dave-yenweakness3.mp3