(Bloomberg) -- The yen was volatile Friday after surging more than 2% against the dollar Thursday in a move that prompted reports that Japan stepped into the...
-- The yen was volatile Friday after surging more than 2% against the dollar Thursday in a move that prompted reports that Japan stepped into the market to support its currency.It rallied by as much as four yen to 157.44 per dollar in the minutes after a softer-than-expected reading of US inflation, with a spike in volumes reminiscent of past intervention by Japanese authorities. It whipsawed on Friday morning.
The yen has slumped over the past year, making it the worst-performing Group-of-10 currency. It touched its weakest since 1986 just last week, fueling a new wave of jawboning from Japanese authorities about their willingness to act to bolster the currency if necessary.The spike on Thursday shared similarities with this year’s previous interventions, in which the Ministry of Finance bought ¥9.8 trillion to stem losses in apparent moves on April 29 and May 1.
Kanda, Japan’s vice finance minister for international affairs, stuck with a strategy of trying to keep market players guessing. Yusuke Miyairi, a currency strategist at Nomura International Plc., said the fact that Kanda was able to speak in front of the media so late in the Tokyo evening is “quite telling.”
Speculative traders have accumulated a massive bearish bet against the Japanese currency. Non-commercial traders now hold some 189,560 contracts tied to wagers the yen will fall in the weeks to come, the most since 2007, according to Commodity Futures Trading Commission data for the week ended July 2.
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Ruchir Sharma Nomura International Plc Masato Kanda Japanese Authorities Japan Currency Market Intervention Friday Morning Nomura International Plc.
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