Yen Falls Again, Prompting Warning From Tokyo

Less than two months after a significant expenditure, Japan’s efforts to bolster the yen have proven futile as the currency’s gains evaporate. Traders are now revisiting the belief that the interest-rate differential between the US and Japan will remain wide. The yen was trading at approximately 159.70 to the dollar late on Monday in Tokyo, approaching the level seen in late April that prompted currency intervention. Despite briefly weakening to 160 to the dollar at that time, the yen recovered later.