Traders and investors suggested yen-buying intervention by Japanese authorities as the explanation for why the dollar fell sharply to 156.55 yen from as high as 160.245.
The yen jumped suddenly against the dollar on Monday, with traders citing yen-buying intervention by Japanese authorities to boost the currency that is languishing near 34-year lows. The dollar fell sharply to 156.55 yen from as high as 160.245 earlier in the day. Trade sources said Japanese banks were seen selling dollars for yen.
Prior intervention suggests a 5 yen move to 155 but if the MoF wants to send the message to the shorts that enough is enough, then a move towards 150-152 would send a clear message." "Intervention risks remain salient over the JPY. Given that it is the Golden Week holiday where local liquidity is thin, one can even argue that this presents an opportune time for intervention if the authorities want to come in hard on foreign speculators during the London/New York trading session.
France Dernières Nouvelles, France Actualités
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