Yen Weakens Past 160 Per Dollar, Eroding Intervention Gain

The yen weakened past 160 per dollar on Tuesday, extending losses that have eliminated more than half of the gains it achieved following Japanese government intervention earlier this year. The Bank of Japan and Japanese Ministry of Finance had previously intervened in currency markets to support the yen. The weakening continues a downward trend for the Japanese currency against the U.S. dollar.

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