50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Instant view: Japan's yen jumps against the dollar after earlier plunge

Published 04/29/2024, 01:01 AM
Updated 04/29/2024, 01:07 AM
© Reuters. FILE PHOTO: Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo
USD/JPY
-

(Reuters) - The Japanese yen jumped suddenly against the dollar on Monday, with traders on high alert for signs of intervention by Japanese authorities to boost the currency that is languishing near 34-year lows.

The dollar fell sharply to 156.55 yen from as high as 160.245, and it was not immediately clear what was behind the move.

Traders are on edge for any 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

"The move has all the hallmarks of an actual BoJ intervention and what better time to do it than other on a Japanese public holiday which means lower liquidity in USD/JPY and more Bang for the Bank of Japan's buck!"

© Reuters. FILE PHOTO: Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo

KYLE RODDA, SEENIOR FINANCIAL MARKETS ANALYST, CAPITAL.COM

"My gut says it would have been more rapid and announced by the MOF if it was. But we'll have to see!"

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.