The yen has posted several outsized moves in recent days, appreciating sharply on Thursday and Friday from near 38-year lows
The yen strengthened steadily against the dollar on Wednesday, with traders suspecting another round official buying after Japan ese authorities last week likely stepped in to haul the currency away from 38-year lows.
Bank of Japan data released on Tuesday suggested Tokyo may have spent 2.14 trillion yen intervening on Friday. Combined with the estimated amount spent on Thursday, Japan is suspected to have bought nearly 6 trillion yen via intervention last week. “Current valuations are still stretched and the yen is still undervalued, so a bit more activism in FX markets from Japan is the way to correct any misalignments,” said Geoff Yu, senior macro strategist, BNY Mellon, London.The likely intervention in the past week is the second such bout this year.
Cent Japan Currency Dollar Week Intervention Tokyo BNY Mellon BOJ Ministry Of Finance
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