Mizuho: Despite possible government intervention, the yen is expected to remain weak

However, Mizuho Securities economist Yusuke Matsuo stated that driven by the rising cost of energy imports and concerns over worsening economic conditions, there is no sign of the yen's downward momentum changing. He said that from a fundamental perspective, as long as tensions in the Middle East persist, the economic environment will continue to favor a weaker yen. He added: "There are still doubts about whether any foreign exchange intervention can have a lasting effect." The US dollar was last reported at 157.10 yen.