Forex

Japanese yen jumps vs dollar, traders suspect intervention By Stocksak


© Stocksak. An electric monitor displays the exchange rates between the Japanese yen and the U.S. Dollar. It also shows the stock prices for Shanghai and Shenzhen outside of a Tokyo brokerage, Japan, October 21, 2022 REUTERS/Isseikato

Gertrude Chavez – Dreyfuss, Saqib Iqbal Ahmad

NEW YORK (Stocksak), Friday: The battered yen jumped against dollar, prompting speculation that Japanese authorities might be present in the market to stem a slide.

In late morning U.S. trading, the yen reached a high of 147.10 per $1, an increase of more than four yen over its 32-year peak at 151.94 yen. It was at 148.46 when it fell 1.1%.

“It seems like the Ministry of Finance intervenes here. We are seeing a lot of dollar selling and the Japanese yen moving almost vertically when shorts get squeezed,” Karl Schamotta chief market strategist at Corpay in Toronto.

“We hear that large blocks of money are being traded. This usually means that larger institutions are moving money, or that a central banking is intervening in scale. The best evidence is simply the amount of dollar selling that is taking place.

The finance ministry declined comment.

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