Traders Snared in Yen ‘Bingo’ as Manic Swings Ruin Japan Holiday
- Trading volumes surged to around five times more: Capital.com
- Yen has rebounded strongly after sliding past 160 earlier
Rates of various currencies against the Yen,Tokyo on April 29.
Photographer: Richard A Brooks/AFP/Getty ImagesThis article is for subscribers only.
Kyle Rodda was on the 34th floor of the Capital.com office in Melbourne when the yen suddenly plunged to around 160 per dollar early in the Asia day. The trading floor exploded.
“It was much like a game of bingo — everyone shouting 160 all of a sudden,” said Rodda, a strategist who was sitting among six dealers who saw yen trading volumes surge to around five times more than normal. “Everyone was trying to buy the dip for the next push and trading was going both ways — it was pretty wild.”