The yen is within striking distance of a three-decade low against the dollar after a central bank interest rate hike failed to give it a lift, reigniting the risk of Japan’s government stepping into the foreign exchange market for the first time since autumn 2022. Before resorting to direct intervention to prop up the currency, Japanese authorities would likely ramp up their verbal warnings against market players betting against the yen. Almost a week after the Bank of Japan raised rates but emphasized a continuing easy money stance, the country’s top currency official finally weighed in with his most robust salvo of ... (full story)