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Yen Holds Gains After Sudden Surge

The yen maintained its overnight gains following a sudden surge that kept traders alert to possible intervention by authorities. Meanwhile, global currencies traded cautiously ahead of the upcoming United States employment report.

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FILE PHOTO: FILE PHOTO: Holograms, which show different images and colours depending on the angle at which they are viewed, are seen on the new Japanese 1,000 yen banknote as the new note is displayed at a currency museum of the Bank of Japan, on the day the new notes of 10,000 yen, 5,000 yen and 1,000 yen went into circulation, in Tokyo, Japan July 3, 2024. REUTERS/Issei Kato/Pool/File Photo/File

The Japanese yen held gains in Thursday morning trade after an overnight surge of 0.9% against the greenback, leaving traders on alert for official intervention. The sudden currency move rattled regional FX desks ahead of a crucial U.S. employment report. The USD/JPY exchange rate steadied at 158.88 following the volatility.
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