# Japan's yen climbs against US dollar amid signs of intervention

> 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.

- Date: 2024-05-01 · published 2024-05-01T12:00:00.000Z
- Category: macro · region Japan · magnitude medium
- Page: https://feedsoft.ai/events/30507-japan-s-yen-climbs-against-us-dollar-amid-signs-of-intervention
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

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.

## Read by commodity

- USDJPY: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/dollar-nears-year-high-after-pre-fed-data-shock-yen-slips-2024-05-01/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.