Yen's wild ride reflects Japan wage growth anxiety

Weak currency threatens to leave workers feeling no better off

20240713N Yen

The yen's spike against the dollar in recent days suggests one or two interventions by Japanese authorities, market watchers say. © Kyodo

YOHEI HIROSE, Nikkei staff writer

TOKYO -- Japan's currency remains under pressure after two days of sharp gains triggered speculation that authorities had intervened to support the yen.

A weak yen threatens to undercut the benefits of long-sought wage growth that policymakers hope will drive a virtuous economic cycle. Despite the gains, what had been fueling the yen sell-off -- the interest rate gap between Japan and the U.S. -- has not changed.

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