Yen drops past 163 per US dollar, weakest since 1986
The Japanese yen just dropped to its weakest point since 1986, sliding past 163 per US dollar.
This slump is mostly due to global tensions, pricier oil after the U.S.-Iran conflict, and the big gap between interest rates in Japan and the US
Even after Japan's government spent a massive ¥11.73 trillion trying to prop up the currency earlier this year, it hasn't made much difference.
Japan proposals fail to reassure traders
Japan has floated proposals like allowing tax-free accounts to hold bonds and pushed for changes in how its huge pension fund invests money, hoping to boost confidence in the yen.
But strict rules limit what that fund can actually do.
Meanwhile, traders see these interventions as chances to bet against the yen even more.
Despite warnings from officials about possible action, one strategist said attention could soon shift toward an even weaker rate of 165 per US dollar.