Japanese yen weakens to 160 against the U.S. dollar for the first time since 1990

The Japanese yen weakened to 160 against the U.S. dollar in Monday morning trading in Asia.

The yen briefly touched 160.03 against the dollar, the weakest level since April 1990 when it touched 160.15, according to FactSet data.

The currency has languished alongside continued strength in the greenback as Federal Reserve rate cut expectations get pushed back.

The yen has traded around 150 or weaker against the dollar since the Bank of Japan ended its negative interest rate regime in March. On Friday, the central bank held rates and slightly raised its inflation expectations for fiscal 2024.

Japanese authorities have repeatedly warned against “excessive” moves in the yen, but have made no official announcements about bolstering the currency. Some market watchers had suspected authorities would intervene at the 155 level, but the yen slid past that mark last week.

Japanese markets are closed Monday for a public holiday.

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