US EditionJapan Intervenes to Buy Yen as Currency Surges 3%
Officials said the move was the first official intervention in nearly two years, after investors built the largest short-yen bet in almost two years.
- Authorities intervened to buy yen, causing the currency to surge by as much as 3% against the dollar in the first official market intervention since 2024.
- Top currency diplomat Atsushi Mimura warned against "extremely speculative" market moves, calling the situation a "final evacuation warning to markets," while Japanese Finance Minister Satsuki Katayama indicated that "decisive action" was nearing.
- Before Thursday's action, investors had amassed the largest short yen position in nearly two years, though the intervention caused the dollar to fall sharply to 155.5 yen.
- Analysts suggest the Bank of Japan must raise rates, as Chief market strategist Marc Chandler noted "intervention without a policy adjustment is not thought to be very effective."
- The intervention coincided with a retreat in oil prices amid geopolitical tensions in the Middle East, yet authorities' resistance to rate hikes leaves the currency facing sustained pressure toward a 170 target.
29 Articles
29 Articles
Japan may have spent up to $35 billion on foreign exchange market interventions to strengthen its currency
The Japanese authorities have intervened on the currency market to curb the rapid fall of the yen to the exchange rate with the dollar: this is the first such intervention in almost two years.
Japanese yen jumps against dollar hours after intervention
LONDON, May 1 : The yen suddenly jumped against the dollar on Friday, a day after Tokyo authorities were widely believed to have intervened to prop up the Japanese currency.The dollar fell by as much as 0.66 per cent to a session low of 155.60 from 157.12 earlier. The yen rose by as much as 3 pe
The yen climbs on Thursday, after press reports saying that Japan intervened to support its national currency, which helps to fold the dollar.
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