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Japan appears to have bought some time and respite for a tumbling yen through its latest bursts of suspected , yet it has also set itself up for a protracted war with a market that views the currency as a compelling sell, analysts say. Traders estimate the Bank of Japan (BOJ) spent nearly $59 billion defending the currency this week, helping to put the yen on track for its best weekly performance in over a year. The yen has swung wildly during the suspected intervention bouts, gaining nearly 5 yen in a matter of minutes and relinquishing part of that speedily. ....
(Bloomberg) The Japanese government can expect to have realized “windfall” profits if officials did indeed intervene in currency markets by selling dollars and buying yen on Monday, according to Brad Setser, a senior fellow at the Council on Foreign Relations. Most Read from BloombergTesla Axes Most of Supercharger Team in Blow to Other AutomakersTraders Expect Biggest Fed-Day Move in S&P Since 2023, Citi SaysWall Street Hit by Fed Jitters to Close Wild April: Markets WrapHSBC CEO Quinn Unexp ....
(Bloomberg) The yen advanced more than 3% against the dollar late in New York, fueling speculation that the Japanese authorities intervened for a second time this week to support the currency after a prolonged bout of weakness.Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an ....
Traders in Europe will be waking up to a nervy currency market after the yen's sharp reversal from its slide past 160 per dollar on Monday had some speculating Tokyo could be behind the move while the country was out on a holiday. The jump in the yen - which took it to a session-high of 156.55 per dollar - came just a few hours after it slid to the weaker side of 160 per dollar for the first time since 1990, marking a fresh 34-year low. Some said the rapid strengthening of the yen smelt like intervention, but markets will have to wait till Tuesday for any signals from authorities. ....
Traders had been on edge for any signs of action from Tokyo to prop up a currency that has fallen 11% against the dollar so far this year, as even a historic exit from negative rates has failed to lift the currency. Comments: PRASHANT NEWNAHA, SENIOR ASIA-PACIFIC RATES STRATEGIST, TD SECURITIES, SINGAPORE "The speed and magnitude of the move from 160 to 155 with the lack of bounce suggests official intervention. Timing couldn't have been better with low liquidity on a Japanese holiday. ....