Traders were left on tenterhooks for any further huge swings in the yen after Tokyo is suspected to have intervened to support its currency this week to the ...
SINGAPORE - The yen was headed for its best week in more than a year on Friday, helped by Tokyo's suspected intervention this week to pull the Japanese currency away from 34-year lows, which also left the dollar broadly on the back foot.
"Calculated and opportunistic market action for maximum effect is preferred. And the is practiced in this. What's more, the element of unknown and surprise are key advantages that the BOJ and MoF will want to retain," said Vishnu Varathan, chief economist for Asia ex-Japan at Mizuho Bank. Traders are now looking to U.S. nonfarm payrolls data due later on Friday to guide the dollar's next moves, after Federal Reserve Chair Jerome Powell told markets this week that the central bank's next move in interest rates would likely be down, and not up as some had feared.
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