Dollar Soars Past 163 Against Yen Amid Oil Price Spike

The Japanese yen has plummeted to its lowest level in nearly four decades against the US dollar, reaching an intraday low of 163.96 per dollar on Friday.

This marks the worst weekly performance for the yen since May, with the dollar poised to gain a whopping 0.89% against it.

The sell-off is largely driven by escalating Middle East hostilities and rising oil prices, which have pushed Brent crude past $100 per barrel and WTI crude above $90.

Japan's Finance Minister Satsuki Katayama has repeatedly pledged to intervene in currency markets if necessary, but so far, the verbal warnings seem to be having little effect on market sentiment.