Yen Crashes Below 160 Per Dollar

The Japanese yen plummeted past 160 per dollar for the first time since Japan and the US conducted a coordinated currency intervention in late July. This sudden drop comes on the heels of Federal Reserve Chair Kevin Warsh's comments signaling his openness to raising interest rates.

The rise in U.S. Treasury yields has boosted demand for dollars, pushing the yen into the 160-per-dollar range.