The yen is on the brink of 160 yen to the dollar today. Concerns over currency intervention remain. Yesterday, Japan and South Korea warned the market of "serious concerns" over the weak yen and won, but the yen selling trend remains unchanged.

The yen continues to weaken today. The yen is approaching the 160 yen mark, the first time in about two months.

In today’s foreign exchange market, the yen was trading at around 159.80 yen per dollar, approaching the 160 yen level at which the government and the Bank of Japan decided to intervene in the foreign exchange market at the end of April.

While the market is growing wary of currency intervention with the 160 yen milestone approaching, there is a strong trend to sell the yen in an attempt to invest funds at higher interest rates, as the interest rate gap between Japan and the United States is not expected to narrow anytime soon. As of 11:37 a.m., the yen was trading at 159.78 to 159.81 yen per dollar.

A joint document from the Japan-Korea Finance Dialogue held in South Korea yesterday expressed “serious concerns” about the rapid depreciation of the yen and won, warning the market, but this has not done anything to change the overall trend of selling the yen.

The yen is on the brink of 160 yen to the dollar today. Concerns over currency intervention remain. Yesterday, Japan and South Korea warned the market of “serious concerns” over the weak yen and won, but the yen selling trend remains unchanged.

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