Yen weakens past level of 145 a dollar, sterling pares gains

Yomiuri Shimbun file photo
The Bank of Japan building

SINGAPORE (Reuters) — The yen breached the key level of 145 a dollar on Monday, for the first time in more than a week since Japan’s intervention to prop up the currency, while sterling gave up some of its gains after a modest recovery at the end of last week.

The yen JPY=EBS bottomed at 145.4 to the dollar, and last traded down 0.1% at 144.9, in thin Asian trade on a holiday in China, South Korea and some Australian states.

Monday’s fall came after Finance Minister Shunichi Suzuki’s comments that Japan stood ready for “decisive” steps in the foreign exchange market if excessive yen moves persisted. Read full story