The Japanese yen rose sharply in overnight foreign-exchange trading from late Sept. 18 to early Sept. 19, Japan time, according to Nikkei. The report said the currency briefly strengthened to the upper 156-yen range against the U.S. dollar. During the same period, the Bank of Japan carried out what the report described as a "rate check," asking market participants about exchange-rate levels. Nikkei said such checks are widely seen as a preparatory step before possible foreign-exchange intervention. That, in turn, lifted market alertness over the possibility that Japanese authorities and the central bank could step in to buy yen and sell dollars.
The Japanese yen rose sharply in foreign-exchange trading from late Sept. 18 to early Sept. 19, Japan time, according to Nikkei. The report said the currency briefly strengthened to the upper 156-yen range against the U.S. dollar.
At the same time, the Bank of Japan conducted a "rate check," asking market participants about exchange-rate levels. Nikkei said rate checks are viewed as a preparatory stage before foreign-exchange intervention, raising market alertness over possible action by the Japanese government and the central bank to buy yen and sell dollars.
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