The yen jumped suddenly against the dollar on Monday (Apr 29), with traders citing yen-buying intervention by Japanese authorities to try to underpin a relentless tumble in the currency to levels last seen over three decades ago. The dollar fell sharply to 155.01 yen from as high as 160.
FILE PHOTO: Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/File PhotoThe yen jumped suddenly against the dollar on Monday , with traders citing yen-buying intervention by Japanese authorities to try to underpin a relentless tumble in the currency to levels last seen over three decades ago.
Japan's top currency diplomat Masato Kanda declined to comment when asked if authorities had intervened.Japan's Ministry of Finance was not immediately available for comment, with markets in the country closed for a holiday on Monday. The yen had moved nearly 3.5 yen between 158.445 and 154.97 on Friday as traders vented their disappointment after the Bank of Japan kept policy settings unchanged and offered few clues on reducing its Japanese government bond purchases - a move that might have put a floor under the yen.
Japan intervened in the currency market three times in 2022, selling the dollar to buy yen, first in September and again in October as the yen slid towards 152 to the dollar, a 32-year low at the time. Tokyo is estimated to have spent as much as 9.2 trillion yen defending the currency.
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