Yen surges on new intervention talk, US stocks rally
Yen surges on new intervention talk, oil prices climb
The Japanese yen experienced a significant surge against the US dollar on Thursday, with markets responding positively to fresh reports of potential intervention by Japan to support its currency. The dollar-yen rate dropped to $1 = 155.74 yen, a two percent decrease from the previous day's level of $1 = 158.89 yen. Investors were buoyed by suggestions that the Bank of Japan may pause interest rate hikes, sparking optimism that the US Federal Reserve would maintain unchanged interest rates.
Wall Street stocks also rallied on the day, with the Nasdaq Composite Index gaining 1.4 percent. However, market participants remained cautious amid ongoing tensions in the Middle East, with new strikes against US targets in the Gulf and concerns over inflation-fueled bond yields reaching multi-decade highs.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
