Japanese yen (JPY) made a sharp recovery against the US dollar after falling to 160 on Monday, a low last seen in October 1986. JPY fell to a low of 160 but saw a sudden recovery to 156 against US dollar. The US dollar started weakening after the Bank of Japan (BOJ) kept interest rates unchanged recently, contrary to what markets and economists expected.
The dramatic recovery in JPY was regarded as a possible government intervention as Japanese banks have been reportedly selling US dollars aggressively. During the recent monetary policy decision, BOJ stated that the central bank will buy bonds as before to keep the economy growing at a healthy pace, while revising its inflation forecasts higher. Traders have been on alert for a potential intervention from Japanese authorities for some time now as the yen sank to 34-year lows and lost more than 10% against the dollar so far this year.
Japan’s top currency diplomat Masato Kanda said “I won’t comment now,” when asked about the mar
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