Yen Steady at 159.875 per Dollar, Near Lowest Since September
Key Facts
The yen was little changed at 159.875 per dollar in Friday, November 13, trading, near its lowest level since early September, according to a Reuters report carried by Investing.com. The level kept concerns about Japanese foreign-exchange intervention alive, while it could not be confirmed that the currency had breached 160 yen during the session covered by the report. EL7 data recorded the dollar/yen closing at 159.874 on November 12, after closing at 157.89 on November 9. The comparison shows the dollar rising against the yen between the two closes, meaning the Japanese currency weakened over that period. A day earlier, Japan's currency official Atsushi Mimura said recent currency moves were excessively rapid, warning that markets had not yet forgotten what happened in the summer.
The dollar remained near a 19-month high on Friday, according to the Reuters report, as market bets on a larger U.S. interest-rate increase bolstered the currency. The yield on two-year U.S. Treasury notes rose 34 basis points over the previous two sessions through November 13. That coincided with the yen remaining near its lowest level since early September, heightening market sensitivity to the possibility of action by Japanese authorities. But these facts alone do not establish a direct cause for the yen's move in the session covered by the report, nor do they confirm that the 160 level was breached. A story published by EL7 on November 13 said the dollar had approached that level and that Japan had warned of the risk of renewed intervention.
Mimura's remarks put the warning about rapid moves in the context of intervention risks markets had seen over the summer. He said the previous day: "It is still far too early to forget what happened this summer." His reminder reflects that the possibility of intervention remained in focus as the dollar approached 160 yen, without indicating a new decision or confirming that intervention took place during Friday's session. According to the Bank of Japan, the authority to decide on foreign-exchange intervention rests with the finance minister. The central bank executes intervention on the minister's behalf and under the minister's direction, defining which authority makes the decision and which carries it out.
Foreign-exchange interventions use the government's special foreign-exchange fund account, which falls under the jurisdiction of the Ministry of Finance, according to the Bank of Japan. Under this arrangement, intervention is funded through a dedicated government account, while the central bank executes it on the ministry's behalf. This institutional background comes as the yen remained near 159.875 per dollar on Friday, amid concerns about renewed intervention. The market report did not confirm any intervention during that session, nor did it provide reliable evidence that the 160 threshold had been breached. The recorded developments therefore remained a weaker yen and a dollar approaching the level that prompted the warnings.