Japanese yen at 159.69 despite $96.4B intervention as dollar strengthens
Business
The Japanese yen just traded at 159.69 against the US dollar, slightly stronger than its close on Friday at 160.09, even after Japan's record $96.4 billion effort to steady things last month didn't work out.
The main reason? The US dollar is getting stronger, with the Fed possibly hiking interest rates as soon as September.
Officials cautious, hedge funds short yen
Japanese officials say they'll only step in if things get really wild, not just because the yen hits a certain number.
Still, traders aren't expecting any sudden moves yet.
Meanwhile, hedge funds are betting against the yen again, worried about Japan's low interest rates and how tough it is to fight a surging dollar.