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The U.S. 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 U.S. 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 (61.64 billion dollars) to prop up the currency.
Platform with Xinhua
