New York, July 30 (Jiji Press)–The dollar plunged below 160 yen for the first time in about one and a half months in New York on Thursday. The drop came after the dollar had traded above 163 yen earlier Thursday, its highest level in about 39 years and eight months amid caution over possible yen-buying, dollar-selling intervention by Japanese authorities. At 10 a.m., the U.S. currency stood at 159.70-80 yen, down sharply from 163.37-47 yen at 5 p.m. Wednesday. In currency trading on Wednesday, the yen attracted buying against the dollar after the U.S. Federal Reserve stopped short of raising interest rates at its policy-setting Federal Open Market Committee meeting. “Now that the FOMC meeting is out of the way, it would not be surprising if Japanese authorities carried out (yen-buying, dollar-selling) intervention,” an official at a Japanese securities firm said. END [Copyright The Jiji Press, Ltd.]
Dollar Dives below 160 Yen in N.Y.
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