Yen slides toward 1980s lows as Tokyo signals decisive action
The yen weakened toward four-decade lows, trading around ¥161 per dollar and briefly hitting ¥161.80 in New York before trimming losses to about ¥161.3–¥161.4 in Tokyo. Finance Minister Satsuki Katayama warned that decisive action could come if the slide continues, echoing prior intervention that cost the government roughly ¥11.7 trillion. The Bank of Japan raised rates to 1% for the first time since 1995, but the yen’s weakness persisted amid expectations for further BOJ moves and strong US rate-cut pressure.