At the New York foreign exchange market on the morning of the 3rd, the yen fell below the psychological milestone of 150 yen against the dollar, but then reversed and rapidly rose. At one point, the price returned to the 147 yen level. There are speculations that the Japanese authorities are intervening to stem the yen’s decline.
The yen fell to 150.16 yen to the dollar, its lowest level since October last year, after the release of indicators showing that U.S. labor demand remains strong. From then on, the price rose by about 2% in a few seconds, before rebounding sharply to 147.43 yen.
However, as U.S. bond yields rose, the rate of increase rapidly diminished, and as of 10:40 a.m. New York time, it was trading at around 148.96 yen.
Regarding the possibility of Japanese authorities’ intervention, Bipan Rai, global head of foreign exchange strategy at Canadian Imperial Bank of Commerce (CIBC), said, “We won’t know until it’s officially confirmed, but it seems that way.” I’m sure there is,” he said.
Japanese officials were requested to comment, but could not immediately be contacted.
原題：Dollar-Yen Quickly Reverses Move After Touching 150、Yen Surges From Weakest Level in a Year Amid Intervention Talk(excerpt)
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2023-10-03 14:30:37
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