The Japanese yen has fallen to its lowest level against the dollar in almost four decades as investors worry about the economic effects of the war in Iran and authorities’ struggles to tame inflation.
The yen weakened past ¥162 to the dollar for the first time since December 1986 during morning trading in Tokyo on Tuesday, leaving it down more than 3 per cent this year and fuelling speculation that Japanese authorities would intervene again to support the currency.
As the yen approached an intraday low of ¥162.27, Japan’s chief cabinet secretary, Minoru Kihara, used a morning press conference to repeat the government’s position that it “stands ready to take action whenever necessary”.
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