Yen Weakens Past 162 as Japan Delays GPIF Overhaul
The yen slid through the 162 level against the dollar after reports that Japan has no immediate plans to revise the Government Pension Investment Fund's asset allocation, removing a much-hoped-for support mechanism.
The Japanese yen weakened past USDJPY162 following reports that the Government Pension Investment Fund (GPIF) will not revamp its asset allocation in the near term.
Market participants had viewed a potential GPIF overhaul as a possible tailwind for the yen. With that scenario pushed aside, the currency resumed its slide, crossing the psychologically important 162 threshold.
Japan's largest pension fund has not signaled any urgency to adjust its portfolio, dampening speculation that a shift in asset allocation could have bolstered demand for the yen.
Source: FXStreet Forex News