Sharp moves in the yen that sent the currency to a 10-week high are renewing speculation that the country is intervening in the market.
The yen surged about 1.8% in the span of a half hour during the afternoon of the Asia session and topped ?155.04 per dollar. The currency later pared some of the advance, trading around ?156 as of 9:34 a.m. in London.
The jump came after the government intervened in the currency market in late April for the first time since 2024, causing the yen to jump as much as 3% in intraday trading. While Japanese officials have declined to comment directly on whether authorities intervened, people familiar with the matter have said it took place and analysis of Bank of Japan (BOJ) accounts indicates that it likely spent around $34.5 billion.
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