Yen Slides to 160.47, JPMorgan Predicts Intervention; Asia Tech Up 10%
The yen fell to 160.47 per dollar, its weakest level since mid-2024, prompting JPMorgan strategist Ikue Saito to predict market intervention ahead of a 162 cycle high. In Asia, an AI-led rally lifted the tech gauge nearly 10% while consumer discretionary stocks plunged about 11% as higher energy costs persist.
1. Yen Weakness and Intervention Risk
The Japanese yen slid beyond 160 per dollar to 160.47, its weakest level since mid-2024. JPMorgan strategist Ikue Saito warns intervention is likely before the dollar-yen pair reaches a 162 cycle high, as policymakers monitor volatility without defending specific levels.
2. Asia AI Rally and Sector Divergence
Asia’s tech index has surged almost 10% on AI-driven gains since the Middle East conflict began, reaching record highs, while consumer discretionary stocks have declined about 11% due to rising energy costs and war-related supply concerns. This divergence underscores a tech-led market surge contrasted with broader sector strains affecting trade volumes.