The Japanese yen staged a rapid recovery after plunging against the US dollar in New York on Friday, fueling speculation authorities in Tokyo have intervened in the markets.
The yen fell to nearly 152 against the dollar, but bounced back to 144 about two hours later.
Market sources say the Japanese government and central bank may have intervened by selling the dollar and buying the yen.
The yen slid after US long-term interest rates rose above 4.3 percent for the first time in about 15 years.
Interest rates in Japan remain low. Investors have been selling the yen to seek higher yields.
Officials at major Japanese banks say the yen's volatile swings are unusual. They say authorities may have intervened, given that the currency's depreciation was accelerating.
The Japanese Finance Ministry official in charge of foreign exchange policy declined to comment.
The yen fell to nearly 152 against the dollar, but bounced back to 144 about two hours later.
Market sources say the Japanese government and central bank may have intervened by selling the dollar and buying the yen.
The yen slid after US long-term interest rates rose above 4.3 percent for the first time in about 15 years.
Interest rates in Japan remain low. Investors have been selling the yen to seek higher yields.
Officials at major Japanese banks say the yen's volatile swings are unusual. They say authorities may have intervened, given that the currency's depreciation was accelerating.
The Japanese Finance Ministry official in charge of foreign exchange policy declined to comment.
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Summary
The Japanese yen experienced a rapid recovery from a plunge against the US dollar, sparking speculation about potential market intervention by Tokyo authorities. The yen initially fell to nearly 152 against the dollar before rebounding to 144. This sudden reversal might have been due to Japanese
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ID: 5bdd0df5-6314-486e-a929-3713fe7fed71
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20221022_05/
Date: Oct. 22, 2022
Created: 2022/10/22 08:42
Updated: 2025/12/09 12:29
Last Read: 2022/10/22 08:59