US Dollar Dips from 8-Week High Amid Yen Intervention Fears

U.S. Dollar Dips from 8-Week High Against Yen Amid Intervention Fears

The U.S. dollar dropped from its eight-week high against the Japanese yen on Monday. Traders are now cautious about possible intervention by the Japanese government to support their currency after it nearly reached 160 yen per dollar. Earlier, the dollar rose to 159.94, the highest since April 29, when the yen hit a 34-year low of 160.245. Back then, Japanese authorities had to spend roughly 9.8 trillion yen to help the currency. The yen briefly fell to 158.75 per dollar in European trading but later stabilized at 159.65 yen per dollar, a 0.1% decrease.