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The dollar fell sharply to 153 yen from about 157.55 yen, with traders attributing the move to suspected Japanese Ministry of Finance dollar selling. The yen had been weak near 160 per dollar, a level seen as key by the market.
The move came after a sustained slide driven by interest-rate differentials.
Suspected intervention signals official resistance to yen weakness, which can cut the yen cost of dollar-priced feed imports. Whether the intervention holds determines how far the currency pair can retrace.
reuters.comKevin Buckland, Tetsushi Kajimoto, Gertrude Chavez-DreyfussMay 1, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
