Yen drops below 155 to a dollar, adding to risk of intervention

The yen weakened beyond 155 per dollar for the first time in more than three decades, fueling risk that the key level may prompt Japan to step into the market.

The Asian nation's currency depreciated as much as 0.2% to a session low of 155.17 on Wednesday, marking the first time since June 1990 the yen crossed the 155 level against the greenback.

The yen pared the move and traded around 154.92 as of around 9:10 AM New York time.


"Intervention risk remains high, regardless of the level," said Win Thin, global head of markets strategy at Brown Brothers Harriman.

Japanese officials have said repeatedly that they will take necessary action to address excessive moves in the yen if needed.

The authorities have emphasised a focus on the pace of the currency's depreciation rather than a precise level.

The yen has slumped about 9% so far this year.