The yen is trading near ?160 to the dollar, the level at which Japan has intervened in recent years. It?is back at the red line about a month since it was last propped up with massive official purchases.?
In early morning trade on Wednesday, the currency hit ?159.99 to the dollar and continued to change hands near those levels as Tokyo markets opened.?
The Finance Ministry said last week that it spent a total of ?11.73 trillion ($73 billion) to support the yen from April 28 to May 27. On April 30, the currency rapidly strengthened into the ?155 range after crossing the ?160 mark earlier in the day.?
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