Yen Renews Decline Despite Signs of Further Japan Intervention
- Sharp moves suggest authorities active in markets once more
- Moves come ahead of Bank of Japan meeting later in week
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The yen weakened Monday despite signs that Japan has ramped up its defense of the currency with a second likely intervention in as many sessions.
The currency traded 0.8% weaker at around 149 per dollar as of 3:15 p.m. New York Time, holding steady around those levels throughout most of US trading hours after reversing a brief surge of more than 1.4% earlier in the session that stoked speculation officials were supporting the currency again. On Friday, the yen soared the most against the greenback since March 2020 amid reports authorities were intervening.