Tokyo must be prepared to step in to tackle 'excessive, one-sided' yen moves, the government’s deputy chief cabinet secretary said

The slide in Japan's currency has begun to spook big investors, and some are cutting bets that it will decline further, expecting that the government could step in to try and stop the fall.

Japan is to spend $24bn on support measures as inflation soars in the world’s No3 economy, while the yen’s plunge also has Tokyo worried

Move to cut the amount of foreign exchange reserves that financial institutions must hold is seen as aimed at slowing the depreciation of the yuan

The US dollar hit a 24-year high of 139.69 after gaining about 0.5% against the Japanese yen on Thursday, as investors brace for more US rates hikes.

The yuan has lost 2.5% against the dollar this month and is on course for its biggest monthly drop since April when Covid lockdowns were imposed in Shanghai and other cities

The yuan rebounded Thursday from a two-year low against the dollar after a firmer-than-expected setting and news forex regulators phoned banks to get them to ease dollar buying

The plan being discussed by the two nations would enable the use of Russia's Mir cards at India ATMs and Point of Sale terminals, and India's RuyPay cards in Russia, said the report.

The onshore yuan opened at 6.82 per dollar and touched a low of 6.8308, the weakest level since Sept 2020, while its offshore counterpart fell to a near two-year low of 6.852

The onshore yuan dropped 0.47% to 6.7950 per dollar on Tuesday, its lowest since May 16, on concern about its recovery from recent Covid lockdowns.

The dollar was unable to recoup losses after it slid 0.68% over night, as investors remained on the sidelines awaiting US jobs data

India's trade deficit and global flows to safe-haven US dollars are key reasons why analysts expect the rupee to trade near its historic low to the dollar over the next three months.