Yen Set for Largest Weekly Loss Since July Intervention

The Japanese yen is headed for its biggest weekly loss in about a month as the impact of recent U.S. and Japanese intervention fades.

Despite a round of official buying in late July and early August, the currency has surrendered roughly half its gains and is now trading at around 159.29 per dollar, down 0.9% from this week's opening.

The yen was trading near 164 per dollar before intervention, and traders see the 160 level as a potential trigger for fresh official action.

Markets are already pricing in a rate hike by the Bank of Japan (BOJ) as soon as September, with a 76% chance of a BOJ hike according to Tokyo Tanshi data, up from 24% on July 30.