The bulls and bears are contesting the significant level of 160, and traders are closely monitoring whether the yen will face intervention again.

The Japanese yen hovered around the 160 mark against the US dollar on Wednesday, drawing investors' close attention to whether authorities would intervene again. Around 11 a.m. New York time, the yen was virtually unchanged at 159.23 against the dollar. Since the beginning of this month, the yen has depreciated by more than 1%, giving back part of the gains stimulated by the recent joint intervention from the US and Japan. The yen is approaching the critical level of 164, the lowest point in 40 years, prompting coordinated buying by authorities from both countries. However, the limitations of such actions are also quite evident, as favorable interest rate differentials for the dollar have led to a significant retracement of the yen, bringing it once again near the important 160 mark.