The yen held its line against the dollar on Tuesday after making sharp gains the previous day in moves that traders said were sparked by suspected...
TOKYO - The yen held its line against the dollar on Tuesday after making sharp gains the previous day in moves that traders said were sparked by suspected intervention by Japanese authorities.
Trading in Asia was thinner than normal on Monday due to Japan's Golden Week holiday as the yen saw its biggest one-day gain this year on the dollar. Official figures that would reveal whether intervention did in fact occur won't be available until late May.The Japanese currency still sits lower than it was before the Bank of Japan's policy announcement last week.
A fragile economic recovery is also likely to constrain BOJ's options as any over-tightening in policy could tip Japan into recession. A rate cut in September was looking like a close call at just 44%, according to CME Group's FedWatch tool. A job applicant refused to complete an aptitude test because it "seemed like a lot of work." It cost them the job, but now the employer who admitted he was put off has come under fire.
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