Japanese yen rises, USDJPY hits 3-week low on suspected intervention
Investing.com-- The Japanese yen firmed on Friday, with the USDJPY pair hitting a three-week low after sharp declines through this week that traders largely attributed to government intervention.pair, which gauges the amount of yen required to buy one dollar, was trading down 0.2% at 153.34 yen. It had fallen as low as 152.9 on Thursday, reaching its weakest level since mid-April.
The suspected intervention came after the USDJPY pair surged to 160 at the beginning of the week, which traders said was the new line in the sand for the yen. The Japanese currency started the week at its weakest level since 1990. A widening gap between U.S. and Japanese rates was a key point of pressure on the yen, with a historic rate hike by the Bank of Japan in March doing little to alleviate this pressure.
While Japanese government officials did not directly confirm this week’s intervention, Reuters estimated that Japan may have spent between 3.66 trillion yen and 5.5 trillion yen when intervening in markets on Monday, based on BOJ data.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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