The yen slumped against the dollar on Wednesday, pushing the currency towards its lowest level in 34 years and significantly raising the risk of market intervention by Japanese authorities.
Finance minister Shunichi Suzuki stepped up his verbal warnings on Wednesday, saying the government “would not rule out any steps against any excessive moves” in the yen.
The currency dropped to a low of ¥151.94 against the dollar during morning trading, with investors defying two days of intensifying attempts by the Japanese government to slow further yen declines.
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