Japanese yen falls past 160 against USD for 1st time since recent intervention

The Japanese yen fell past 160 against the US dollar on Wednesday for the first time since late April, fueling expectations of another possible yen-buying intervention.

The US dollar traded at 160.05 yen at one point during the day, marking the Japanese currency's weakest level since April 29, on buying amid expectations the interest rate differential between Japan and the United States will remain wide.

On April 29 when the US currency briefly climbed to 160.24 yen, its highest level in 34 years, the Japanese government and the Bank of Japan apparently stepped into the market and spent some 9.8 trillion yen (US$61.64 billion) to prop up the currency.