The Japanese Yen is back in the headlines again as it slumps further against the US dollar. The pair are now testing the 145.90 level, and a break higher would see USD/JPY trade at levels not seen since August 1998. The Bank of Japan last intervened in the FX market on September 22, when USDJPY was trading around 145.70, buying approximately $21 billion of Yen to stabilize the currency. The Japanese central bank’s action drove the USD/JPY back down to around 140.00 before the market decided to test the BoJ again and pushed the pair back higher. The Japanese Yen has been weakening against a robust US dollar ever since.
