finance
Nikkei 225 Hits Record While Yen Weakens to 161.7 per Dollar
The yen reached ¥161.7 to the dollar on June 22 while the Nikkei 225 index closed at a record 72,353.96. Finance Minister Satsuki Katayama said authorities remain prepared to act if needed.
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The yen traded at ¥161.7 to the dollar in afternoon trading on June 22, within a few tenths of a yen of its weakest level since December 1986. The currency touched ¥161.8 momentarily late last week and has remained above ¥160 for about a week and above ¥161 for roughly two trading days.
” Her statement followed a more pointed warning in April ahead of a $73 billion intervention to support the yen, when she said the time for decisive action was nearing.
The Nikkei 225 stock average broke above 72,000 for the first time and reached an intraday record of 72,831.73. The index closed up 1.55 percent at 72,353.96. Shares of industrial robot maker Fanuc and component supplier Murata Manufacturing rose after reports that the government plans to direct ¥10.5 trillion in public and private funds into robotics and artificial intelligence by fiscal 2040.
The yen last traded at ¥161.95 in July 2024. Some analysts have described ¥160 as a potential threshold for intervention, though recent verbal statements have been measured compared with earlier rhetoric.
