Japanese yen tumbles to over 37-year low against U.S. dollar in upper 160 range

TOKYO, June 28 (Xinhua) -- The Japanese yen continued to fall against the U.S. dollar to the upper 160 range early Thursday in Tokyo after slumping to its lowest level in over 37 years as traders grew wary of another possible market intervention by Japanese authorities.

The U.S. dollar rose as high as 160.88 yen in New York, marking the Japanese currency's weakest level since December 1986 and surpassing 160.24 yen hit on April 29, a level that prompted Japan to intervene by buying the yen for the U.S. currency.

Finance Minister Shunichi Suzuki on Thursday expressed "strong concerns" about the impact of the yen's depreciation on the economy. Noting that "rapid and one-sided" yen moves are undesirable, he said Japan is looking at what is driving the yen's fall and will take necessary action if needed.

On April 29 when the U.S. currency briefly climbed to 160.24 yen, its highest level in 34 years, the Japanese government and the Bank of Japan apparently stepped into the market and spent some 9.8 trillion yen (61.64 billion U.S. dollars) to prop up the currency. ■