Yen Rises Sharply on Japanese Intervention Warnings
The yen rose against the dollar after Tokyo warned of potential intervention. Analysts say the move reflects short covering or possible official action.
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Japan triggered a 2% surge in the yen on April 30 after officials issued warnings of imminent currency market intervention. The USD/JPY pair fell to 156.56, reversing a move above the 160 level seen earlier that day. Traders responded to warnings from Tokyo officials about potential intervention against speculative short positions in the yen.
