Investing.com – The yen is struggling to hold onto any gains against the U.S. dollar, even after last week’s official intervention, but UBS still sees the potential for a medium term decline in the pair.
At 10:30 ET (14:30 GMT), USD/JPY traded 0.1% higher at ¥155.64, just below the ¥160 level seen last week – the yen’s weakest level against the dollar in 34 years.
This weakness comes despite Japanese authorities spending what’s believed to be some $60 billion last week propping up their currency.
Additionally, the Bank of Japan issued its strongest warning to date on Wednesday, with governor Kazuo Ueda…
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