Yen Surges to 15-Month High as Intervention Speculation Deepens
- Bank of Japan made `rate check' calls to banks, SGH Macro says
- Currency close to erasing drop from BOJ's 2014 stimulus moves
Japan Proves Negative Rates Not Workable: Hans Redeker
This article is for subscribers only.
The yen rose to its highest since October 2014, intensifying speculation the Bank of Japan may intervene to arrest gains that threaten to undermine almost three years of monetary stimulus.
The Japanese currency rose versus all 16 of its major peers as a drop in global stocks and oil boosted demand for havens. The yen sharply pared its advance at about 7:20 a.m. in New York before resuming gains. The central bank made “rate check” calls to some banks with implicit questions on whether they planned to buy more yen, Sassan Ghahramani, head of SGH Macro Advisors, said in a note.