2026.03.2923:22:16UTC+00Yen Weakens Past Crucial 160 Level

The Japanese yen weakened beyond 160 per dollar on Monday, its lowest level since July 2024, when authorities last intervened after the currency broke through that critical threshold. The yen’s slide continued despite repeated verbal warnings from Tokyo, with Finance Minister Satsuki Katayama reiterating last Friday that the government stands ready to take “bold actions” to counter excessive foreign-exchange moves. The Finance Ministry also reportedly sounded out market participants last week regarding potential intervention in crude oil futures.

Downward pressure on the yen intensified as surging oil prices, driven by the conflict in the Middle East, raised Japan’s import bill and threatened to undermine its fragile economic recovery. The war involving Iran showed no sign of abating, with Iran-backed Houthi militants in Yemen entering the hostilities and additional US troops being deployed to the region.