Yen Rallies as Japan Intervention Threat Hangs Heavy Over Market
- Faster-than-expected US CPI boosted bets on Fed rate hikes
- Widening yield differentials are putting pressure on yen
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The yen rebounded from near a 24-year low on signs the Bank of Japan is preparing an intervention to prop up the currency.
The central bank conducted a so-called rate check in the currency market, meaning officials called asking for an indicative price at which it could intervene, according to a person with direct knowledge of the events.