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Yen briefly jumps in Asia trade, putting investors on high alert

The Japan Times·No Author·28 days ago
#VpY2QnRZ
#yen#satsukikatayama#currencies#forex#japaneseeconomy#intervention
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The yen jumped in Asia on Monday, as traders remained on edge over the potential for Japanese authorities to step back into the market after last week’s intervention to curb declines. The currency strengthened as much as 0.8% to ¥155.72 per dollar in a thin holiday session before retracing most of those gains. The whipsaw trading came after Japan likely spent around ¥5.4 trillion ($34.5 billion) last week to support the yen — a warning shot to traders after it had weakened past ¥160 per dollar. It’s not clear whether the moves reflect another intervention given that "low levels of liquidity due to the Golden Week holiday will lead to exaggerated moves,” said David Forrester, senior strategist Credit Agricole CIB.…

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