Yen hits 34-year low, sparking intervention hints

Slow move: An employee inspects wrapped stacks of newly-designed 10,000 yen banknotes at the National Printing Bureau Tokyo plant. The yen has slumped more than 7% this year, driven by the yawning gap between US and Japanese bond yields. — Bloomberg

TOKYO: The yen dropped to its lowest level since 1990 yesterday, into the zone that triggered intervention by Japanese authorities in 2022, prompting the finance minister to warn Japan would take “decisive steps” against excessive currency moves.

The dollar briefly rose to 151.97 yen in the Asia session, its strongest against the yen since mid-1990, but was last down 0.12% at 151.42.