The yen struggled on the weaker side of 162 per dollar in early Asia trade and languished near its lowest level against the British pound since 2007 at 217.09, having slid to a new low overnight.
Market Analysis
The euro last bought 185.47 yen, following a 0.5% rise in the previous session. According to Lee Hardman, senior currency analyst at MUFG, there had been speculation at the end of last week that Japan could intervene again to support the yen during the U.S. holiday when trading conditions were less liquid, but no action has been taken, contributing to the yen giving back some of its recent gains.
In the broader market, the dollar was on shaky ground as investors continued to pare back expectations of U.S. rate hikes this year following an underwhelming jobs report that came in far below expectations.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
