The Japanese yen continued to weaken on Tuesday as investors bought the dollar as a safe haven amid the escalating conflict in the Middle East.
Yen-selling intensified in Tokyo trading, sending the Japanese currency to the 157-yen range against the dollar.
Japan’s Finance Minister Katayama Satsuki said the government is closely monitoring developments in the currency market.
Katayama also said the developments in the Middle East are causing a major shift in foreign-exchange markets, and the government “will coordinate closely and flexibly with overseas authorities to take all possible measures.”Spot gold prices fell on Tuesday as a stronger dollar offset safe-haven demand driven by an escalating U.S.-Israeli air war against Iran that has heightened geopolitical and economic uncertainty.
Spot gold was down 2.3% at $5,202.25 an ounce. U.S. gold futures for April delivery lost 2.3% to $5,190.70.
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