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The Japanese yen rose sharply against the dollar on Monday, Nov 13, with the dollar falling to 151.20 yen after hitting a one-year high of 151.92. Traders were on alert for possible currency intervention by Japanese authorities, but the cause of the move was not immediately clear.
A sharp yen rally driven by possible intervention signals weaker dollar strength against Asian currencies, which can modestly support US dollar-priced commodities like soybeans and corn for Japanese buyers. The impact on feed prices is limited.
reuters.comNov 13, 2023Not enough comparable past events yet for a historical read.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.
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.
