The Japanese yen has weakened significantly against the U.S. dollar, reaching its lowest level since July. On October 23, the yen fell past the 200-day moving average of 151.37 and continued to decline, breaching the 152 mark and eventually surpassing 153. This marks a notable depreciation from its previous position, with the USD/JPY exchange rate climbing nearly 4% in two weeks. The 10% gain in the yen during late July and early August has led to the largest seven-week buying of overseas assets from Japan. The weakening yen has raised concerns among Japanese officials, including Finance Minister Katsunobu Kato, who emphasized the importance of stable FX movements and indicated an increased urgency in monitoring currency moves. Despite the yen's decline, there has been no immediate intervention from Japanese authorities.