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Yen slides again as USD/JPY breaks above 159.00 in US trading
USD/JPY climbed more than 150 pips as the yen gave back prior intervention gains, adding pressure for Japan's finance ministry and the US Treasury.
The yen weakened again on Monday as USD/JPY rose more than 150 pips, with steady dollar demand carrying the pair through 159.00 during US trading, according to Forexlive.
The move poses a challenge for Japan's finance ministry and the US Treasury, which have attempted to curb yen weakness, though the report said their efforts have seen limited success despite significant spending.
Forexlive also tied risk sentiment to Middle East developments, noting markets took a dim view on prospects for peace in Iran and the Strait of Hormuz reopening, after rhetoric from President Trump suggested a shift toward pressuring Iran with a blockade approach rather than a military option.
In commodities, Forexlive said gold reversed higher, rising again after falling to about $4,313, and was trading near $4,389 as well.
Latest closeGold $4,448.60 ▲2.5%|USD/JPY 159.27 ▲0.5%