Japanese Yen Falls to Record Low versus USD

USDJPY is trading at 160 yen to the dollar (26 June 2024), down from the 140s in January 2024, and 130s in January 2023.  Relative strength indicators suggest the yen is oversold. When USDJPY hit 160 on April 29th, Japan started buying yen for dollars, according to market participants. Currency traders however remained strategically bearish on yen based on expectations on the interest rate differential - the premise that Japanese rates will remain low in contrast with relatively high US interest rates. Standard Chartered reflected that the April intervention is unlikely to be a "one and done move".