The dollar traded higher against the yen on Wednesday, surpassing ¥160 and reaching a level unseen since 1986. The spike exceeded the yen's drop in April, when the Bank of Japan and the Japanese government allegedly intervened to support their currency. Yesterday, Japanese Finance Minister Shunichi Suzuki expressed concerns about the "recent sharp depreciation" of the yen and vowed to take action to curb forex volatility.
The dollar traded 0.38% higher compared to the yen, selling for 160.31100 at 7:50 am ET.
