The Japanese yen surged sharply against the U.S. dollar during Thursday’s U.S. trading hours, briefly reaching 157.8 yen per dollar, according to a report cited by ChainCatcher from Jin10. People familiar with the market situation said Japan’s government and the Bank of Japan carried out currency intervention by buying yen and selling dollars. The same report said U.S. monetary authorities also conducted what was described as an “exchange rate check,” a step seen as preceding intervention. Based on those developments, the move was interpreted as coordinated action by Japan and the United States to curb further yen weakness. The report did not provide additional operational details beyond the level touched in trading and the description of the intervention steps.
The Japanese yen rose sharply against the U.S. dollar during Thursday’s U.S. trading session, briefly reaching 157.8 yen per dollar, according to Jin10, as cited by ChainCatcher.
People familiar with the market said Japan’s government and the Bank of Japan intervened in the foreign-exchange market by buying yen and selling dollars. The report added that U.S. monetary authorities also carried out an “exchange rate check,” which it described as a step ahead of intervention.
The development was taken to mean that Japan and the United States had acted together to restrain further depreciation in the yen.
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