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Japan's yen briefly strengthened past 158 against the US dollar, sparking speculation about possible government intervention. The move comes as officials weigh aggressive spending plans despite mounting fiscal pressures.
The US dollar climbed to its strongest level in over a year as financial markets increasingly wager on Federal Reserve rate hikes within months. Simultaneously, the Japanese yen weakened toward a 40-year nadir, drawing intervention concerns from Tokyo.
Japan's currency has plumbed 40-year depths this week even after the central bank raised rates and the government intervened. Analysts warn fresh policy action may be needed to stem the decline.