Yen surges to three-month peak, dollar pares losses after intervention
Japan may have spent US$36.58 billion to strengthen the currency, lifting total intervention costs above US$100 billion.
Tokyo and Washington stepped in last week to bolster the yen amid easing geopolitical tensions. The coordinated yen-buying intervention by Japan and the US has reignited speculation over potential future actions. The yen reached its strongest level in about three months, trading at 157.05 per dollar. Japan's finance ministry confirmed they will not hesitate to take further action if needed.
The total cost of Japan's two foreign exchange interventions this year has surpassed $100 billion. Analysts speculate that the US Treasury might join the intervention, but caution is advised due to the substantial spending on treasuries. The dollar index rebounded as the yen strengthened, recovering some losses after the intervention. The euro, meanwhile, remained down slightly against the dollar.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
