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The ministry releases data on forex interventions at the end of each month.

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Yen 07122024

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/172075931466017194405701891718932121279jun-rong-loo-GHXNJWmNAeI-unsplash.jpg" style="width:950px" class="fr-fic fr-dib" alt="Japanese yen. Jun Rong Loo, Unsplash   Japanese yen. Jun Rong Loo, Unsplash   "/><span class="fr-inner" style="text-align:left">Japanese yen. <em>Jun Rong Loo, Unsplash</em>   </span></span></span></div><div><br/></div><p>TOKYO, Japan — A surge in the yen triggered speculation among analysts on Friday that Japanese authorities may have again intervened in forex markets to prop up the ailing currency.</p><div><br/></div><p>In New York, the dollar shed more than two percent against the Japanese unit, which has been on a downwards slide for months and in late June hit its weakest value since 1986.</p><div><br/></div><div><a href="https://news.abs-cbn.com/business/2024/6/26/japanese-yen-touches-38-year-low-as-global-stocks-finish-mixed-621">• Japanese yen touches 38-year low as global stocks finish mixed</a></div><div><br/></div><p>The sharp move came after data showed the US consumer price index (CPI) -- a key gauge of inflation -- came in lower than anticipated in June.</p><div><br/></div><p>&quot;I haven&#x27;t had any confirmation, and we don&#x27;t in these things, but we strongly suspect the hand of the Bank of Japan there,&quot; Ray Attrill at National Australia Bank said.</p><div><br/></div><p>The &quot;outsized move&quot; makes it &quot;fairly inconceivable that it hasn&#x27;t had a helping hand&quot;, he added on Friday&#x27;s &quot;NAB Morning Call&quot; podcast.</p><div><br/></div><div><a href="https://news.abs-cbn.com/business/2024/5/1/weak-yen-boosts-tourist-wallets-in-japan-1305">• Weak yen boosts tourist wallets in Japan</a></div><div><br/></div><p>Between late April and late May, Japan&#x27;s finance ministry spent 9.79 trillion yen ($61 billion) to prop up the yen -- the first time it had done so since October 2022.</p><div><br/></div><p>The ministry releases data on forex interventions at the end of each month.</p><div><br/></div><p>Japan&#x27;s top currency diplomat Masato Kanda told reporters late Thursday that authorities &quot;are not in a position to comment on whether they intervened in the market&quot;, according to public broadcaster NHK.</p><div><br/></div><p>&quot;Objectively speaking, there have been quite rapid fluctuations, which has affected people&#x27;s lives,&quot; Kanda said.</p><div><br/></div><p>The Japanese currency has cratered from around 115 per dollar before Russia&#x27;s invasion of Ukraine in February 2022.</p><div><br/></div><p>The plunge is due in part to the Bank of Japan&#x27;s policy of maintaining ultra-low interest rates to support the economy, while other central banks have hiked theirs.</p><div><br/></div><p>Charu Chanana, head of FX strategy at Saxo Markets, told AFP that &quot;the pronounced move in the yen appears to be coming on the back of combined impact from US inflation and intervention by Japanese authorities&quot;. </p><div><br/></div><p>&quot;There seems to be a new playbook for Japanese interventions, coming in along with supportive fundamentals, making the strength in yen somewhat more durable,&quot; Chanana said.</p><div><br/></div><div><strong>© Agence France-Presse</strong></div><div><br/></div><div><strong>RELATED VIDEO</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/QWtoL9ptZBM?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><br/></div><div><br/></div>

<p>The ministry releases data on forex interventions at the end of each month.</p>

Yen surge triggers speculation of Japan forex intervention

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Yen surge triggers speculation of Japan forex intervention

Agence France-Presse

Published Jul 12, 2024 02:10 PM PHT

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Agence France-Presse

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