Yen marks fresh 39-yr low past 162 vs. dollar despite intervention concerns

TOKYO - The yen hit a fresh 39-year low beyond 162 against the U.S. dollar on Tuesday amid continuing expectations of Federal Reserve interest rate hikes this year, even as market players remained cautious that Japanese authorities may step in to stem the currency's fall.

The yen briefly weakened to 162.41 in Tokyo, marking its lowest level since December 1986, with analysts saying that dollar-buying by domestic importers at the end of the month for settlement purposes also contributed to the move.