-- The yen’s relentless decline continued in the wake of the Bank of Japan keeping its key interest rate unchanged, with the currency touching a fresh 34-year low versus the dollar.Plunging Home Prices, Fleeing Companies: Austin’s Glow Is FadingIt extended declines to 0.7% to 156.66 after BOJ Governor Kazuo Ueda said at a post-meeting news conference that while foreign exchange can be a vital factor for inflation, the weak yen isn’t having a big impact on underlying prices yet.
Based on an analysis of comments from Masato Kanda, the top currency official at finance ministry, 157.60 versus the dollar is one key level to watch. “Should the yen fall further from here, like after the BOJ decision in September 2022, the possibility of intervention will increase,” said Hirofumi Suzuki, chief currency strategist at Sumitomo Mitsui Banking Corp. “It is not the level but it’s the speed that will trigger the action.”
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