Ellen faces largest weekly drop since May despite Tokyo pledge

The Japanese yen has fallen significantly, hitting its lowest level against the dollar in 40 years. Despite the Japanese government's vow to take supportive measures, pressure on the currency continues. The yen's weakness has helped the dollar achieve a weekly gain of about 0.88%, the largest since May, amid expectations that Japan's intervention has not changed the overall downward trend of the yen unless the central bank accelerates its interest rate hikes. Tensions in the Middle East and rising oil prices are adding to inflationary pressures and bolstering the dollar's strength, while markets await central banks' decisions on monetary policy.

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