Currencies
Yen Sparks Intervention Suspicion After U-Turn From 1990 Lows
- Currency jumps on speculation authorities may have intervened
- Earlier in Asia trading, yen fell as much as 1.2% to 160.17
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The yen surged back from its weakest level against the dollar in 34 years amid speculation the Japanese government intervened to support its beleaguered currency for the first time since 2022.
In holiday-thinned trading in Japan, the yen swung wildly, rallying more than 2% on Monday after earlier dropping as much as 1.2% to 160.17 per dollar. That’s the widest trading range since late 2022. It held the gains during the New York session.