Yen Surges Against Dollar Amid Intervention Speculation
The Japanese yen jumped from 157.8 to 155 per dollar during thin holiday trading on Wednesday, sparking speculation that Tokyo has intervened for the fourth time in five sessions. While officials have not confirmed the move, market data suggests authorities sold approximately $35 billion last week.
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Japan likely intervened to support its currency on Wednesday as the yen jumped 1.8% against the dollar in midday trading. The move follows a suspected $35 billion yen-buying spree last week that failed to halt a long-term slide. For investors, the sudden volatility signals that Tokyo is willing to defend the 160 level despite thin holiday liquidity.
