Currencies

Yen Bears Push Back on Japan’s Suspected Intervention Again

Move came following the Federal Reserve’s latest policy confab
Currency surged earlier in week; Japan hasn’t confirmed action

WATCH: Recent moves by the yen are fueling speculation that Tokyo had intervened again to prop up the currency. Michael Wilson reports.Source: Bloomberg

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By Carter Johnson, Anya Andrianova, and Yumi Teso

May 1, 2024 at 8:30 PM UTC

Updated on

May 2, 2024 at 6:53 AM UTC

This article is for subscribers only.

Another suspected intervention by Japanese authorities to support the yen, this time in late New York trading, ran into resistance from traders keen to keep selling the currency.

The yen weakened as much as 1.1% against the dollar to 156.28 in Asia trading, inching closer to levels before the possible intervention. Traders speculated Japan stepped in the currency market after the yen surged 3% within minutes from a level of around 157.58 per dollar to as strong as 153.04 in the final stretch of the US trading session.