Yen slides to a 23-month low at ¥160.79 per dollar as Nikkei 225 tops 71,000 for first time

The yen fell to a 23-month low of ¥160.79 per dollar, edging past a level around ¥160 that many in the market view as a trigger for intervention. Japan’s Chief Cabinet Secretary Minoru Kihara said authorities would “take appropriate action as needed at any time.” In equities, the Nikkei 225 broke above 71,000 for the first time and touched an intraday high of 71,398.58, led by semiconductor-related stocks after overnight gains in the Philadelphia Semiconductor Index.