Yen Adds 1% Versus Dollar, Curbing Need for Further Intervention

Currency hits strongest level against dollar in over one month
Analysts point to combination of factors driving yen higher

WATCH: The yen “is the one currency that probably, depending on your model, could be 50 to 70 percent undervalued,” TD Bank Mark McCormick’s says.Source: Bloomberg

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By Yumi Teso, Daisuke Sakai, and Alice Atkins

July 17, 2024 at 8:20 AM UTC

Updated on

July 17, 2024 at 9:22 AM UTC

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The yen extended its advance to rally more than 1% against the dollar, reducing the need for Japanese authorities to step into the market again to support the beleaguered currency.

Japan’s currency gained as much as 1.4% to 156.22 per dollar on Wednesday, its strongest level since June 12. The yen has whipsawed in recent months, reaching a 38-year low of 161.95 on July 3. It then saw a quick four-yen appreciation earlier this month on apparent intervention from the authorities, but the impact from that rapidly faded.