(Reuters) – The Japanese yen suddenly rose against the dollar on Monday, with traders on high alert for signs of intervention by Japanese authorities to boost the currency languishing near a 34-year low.
The dollar fell sharply from 160.245 to 156.55 yen, and it was not immediately clear what was behind that.
Traders are wary of signs of action from Tokyo to prop up a currency that has fallen 11% against the dollar so far this year.
Comments:
TONY SYCAMORE, MARKET ANALYST, IG, SYDNEY
“This move has all the hallmarks of a real intervention by the BoJ and what better time to do this than on a Japanese holiday, which means lower liquidity in and better value for money from the Bank of Japan!”
KYLE RODDA, SEENIOR FINANCIAL MARKETS ANALYST, CAPITAL.COM
“My feeling is that it would have been faster and it would have been announced by the MOF if it had. But we’ll have to see!”
