Yen Jumps to 157.8 Per Dollar as Japan and U.S. Are Said to Have Coordinated FX Action

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.