The Japanese yen traded near its weakest levels of the year against the U.S. dollar on Wednesday, keeping investors alert for possible intervention by Japanese authorities as geopolitical tensions in the Middle East continued to unsettle currency markets.
The yen strengthened slightly to around 159.28 per dollar but remained close to the psychologically important 160 level, a zone widely viewed by traders as a potential trigger point for intervention by Bank of Japan and Japanese authorities.
The cautious market mood followed renewed concerns over the conflict involving Iran after recent U.S. military strikes reduced optimism for a quick resolution and raised worries about disruptions in the Strait of Hormuz, a critical global energy shipping route.
U.S. Secretary of State Marco Rubio said negotiations aimed at halting the conflict could still take several days.
Meanwhile, Kazuo Ueda signaled a more hawkish stance, warning that higher oil prices caused by geopolitical tensions could become persistent amid rising wages and elevated inflation expectations in Japan.
Markets are now pricing in roughly a 68% probability of a quarter-point interest-rate increase at the Bank of Japan’s next policy meeting in June.
Analysts noted that while expectations for higher Japanese rates and the threat of intervention should normally support the yen, Japan’s heavy dependence on imported energy continues to pressure the currency during periods of rising oil prices.
The U.S. dollar remained broadly steady overall. The DXY held near 99.11 after gaining slightly in the previous session.
Elsewhere in currency markets, the Australian dollar reversed earlier gains after inflation data showed price growth cooled more than expected. Australia’s annual inflation rate slowed to 4.2% in April from 4.6% in March, below analyst expectations.
The Australian dollar slipped to around $0.7160 against the U.S. dollar following the data release.
In contrast, the New Zealand dollar strengthened sharply after the Reserve Bank of New Zealand signaled that future interest-rate increases may still be necessary despite keeping policy unchanged at its latest meeting.
The New Zealand dollar rose approximately 0.6% to $0.5873.
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