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The yen rose as high as 153.19 per dollar from about 157.55 late on Wednesday, with market participants suspecting Japanese authorities were intervening. The yen had been under pressure as US rates rose while Japanese rates stayed near zero.
Carry trades that favored the dollar drove the decline.
Suspected intervention reduces the dollar cost of imported feed for Japan in the short term. The underlying rate gap still favors the dollar, so the yen's recovery may be temporary.
reuters.comGertrude 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.
