Katayama Warns of Bold Action as Yen Slides Past 163 Per Dollar

Japan's Finance Minister Satsuki Katayama warned that authorities are ready to take bold action in the currency market, but her comments failed to support the yen, which slid past 163 per dollar for the first time since 1986. Renewed US-Iran tensions pushed oil prices higher, driving the dollar-yen pair to a four-decade low despite ¥11.73 trillion ($71.9 billion) in prior intervention. Strategists now see the pair heading toward 165 as Middle East tensions worsen.