Japanese yen strengthens sharply after hitting 160 against dollar for the first time since 1990

The yen has traded around 150 or weaker against the dollar since the Bank of Japan ended its negative interest rate regime in March.

"Today's JPY volatility may reflect the skittishness of markets amid thin liquidity. We will unlikely receive comments from Japanese officials today because Japan is on holiday," the bank said.in the yen, but have made no official announcements about bolstering the currency. Some market watchers had suspected authorities would intervene at the 155 level, but the yen slid

If the yen sees a"steady depreciation," the economist said there might not be much resistance from Japanese authorities. Jesper Koll, expert director at investment advisory firm Monex Group, predicted Japanese officials would take action if the yen moves more than 3-5 yen in 12 hours, namely, when it sustains a genuine speculative attack.

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Japanese yen weakens to 160 against the U.S. dollar for the first time since 1990The Japanese yen weakened to 160 against the U.S. dollar in Monday morning trading in Asia.
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