Yen jumps on U.S. data as traders watch for intervention clues
The currency gained 0.4% on the day to trade at ¥157.76 per dollar as of 5 p.m. in New York.
The Japanese yen surged against a weaker U.S. dollar following unexpectedly soft U.S. employment data released on Friday, according to market observers. Traders were closely monitoring for any indications that authorities might intervene to support the Japanese currency again. The currency climbed 0.4% on the day to trade at ¥157.76 per dollar, according to reports at 5 p.m. New York time.
Despite this rally, the yen finished the week still slightly lower than its starting level, following a turbulent period marked by interventions from both Japanese and U.S. authorities. Lee Ferridge, a strategist at State Street, explained to reporters that the market was anticipating the move since the last intervention took place when the U.S. dollar was already under strain.
Ferridge added, "Its always easier to push on an open door," suggesting the yen's rise was less likely due to a direct intervention.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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