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JPY Surges 1.8% in Afternoon; Rumors of Fresh Japanese Govt FX Intervention
The Japanese yen suddenly surged 1.8%, reaching as high as 154.99 against the US dollar, fueling market speculation that the Japanese government may have intervened in the foreign ...
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JPY Surges 1.8% in Afternoon; Rumors of Fresh Japanese Govt FX Intervention
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The Japanese yen suddenly surged 1.8%, reaching as high as 154.99 against the US dollar, fueling market speculation that the Japanese government may have intervened in the foreign exchange market again to support the yen. The yen was last up 0.95% at 156.35 per US dollar, with JPY100 quoted at HKD4.99.

Japan was reportedly seen deploying as much as USD35 billion last Thursday (April 30) to prop up the yen. Investors have been closely monitoring any further measures that Japanese authorities may take. Although Japans capital markets remain closed for a long holiday, traders are said to have stayed on standby throughout the holiday period, ready to execute intervention orders.

Related NewsContinuing Jobless Claims for Apr/25 in the United States is 1,766K, lower than the previous value of 1,776K. The forecast was 1,800K.
However, some analysts noted that intervention would only have a short-term impact. For the yen to sustain its appreciation, new changes in fundamentals would be required, which may necessitate the Bank of Japan accelerating its tightening cycle  a scenario that currently appears unlikely. (mn/j)

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