Yen Returns to ¥160 per Dollar a Month After Intervention

The yen traded at ¥159.99 to the dollar in early Wednesday trading and remained near that level as Tokyo markets opened. The rate matches the point at which Japanese authorities have stepped in during past episodes of rapid depreciation. The Finance Ministry said last week that it spent a total of ¥11.73 trillion ($73 billion) on yen purchases from April 28 to May 27.

On April 30 the currency moved from above ¥160 to the ¥155 range after the intervention began.

The yen has stayed near the ¥160 level since the last round of purchases ended about a month ago. Traders have watched the rate closely because it previously triggered large-scale official buying. No new intervention has been announced since the May 27 purchases.