Japanese yen hits symbolic 150 level

The Japanese yen on Friday hit 150 yen per dollar, a level that sparked significant volatility when it was hit earlier this month.

The dollar was last flat at 149.815, having briefly touched 150.

Market participants say 150 per dollar is a symbolic level, and should the yen hold on the weak side of it, that could increase pressure on Japanese authorities to step into markets to support the currency.

The dollar breached the 150-yen mark in New York trading hours on Oct 3, then rapidly fell about 3 yen, fuelling a flurry of speculation among some that Japanese authorities had intervened to prop up the currency, though most suspected otherwise.

The Bank of Japan's money market data later suggested that the sudden spike in the yen rate against the dollar earlier this month was most likely not the product of official Japanese intervention.