Yen weakens to new 24 year low; sterling cautiously rebounds

Published by
Reuters UK

By Alun John and Kevin Buckland LONDON/TOKYO (Reuters) – The dollar scaled new 24-year highs versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month, while investors in sterling were left scratching their heads about the Bank of England’s next steps. The dollar rose 0.48% to as much as 146.6 yen, with a fifth straight session of steady gains taking it to levels not seen since August 1998. Japanese authorities staged their first yen-buying intervention since 1998 on Sept. 22, when the dollar was at 145.90 yen. Officials have reiterated they …

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