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fxJul 2, 2026, 7:27 AM

Japanese Yen Recovers Sharply as Intervention Bets Trigger Short-Covering

USD/JPY plunges to the 161.00 area during Thursday's European session, ending a three-day rally that had pushed the pair to its highest level since 1986, as speculation of official intervention prompts short-covering.

USDJPY

The Japanese yen staged a sharp recovery on Thursday, with USD/JPY reversing sharply from multi-decade highs. The pair dropped to the 161.00 neighborhood in early European trade, snapping a three-day winning streak that had taken it to levels not seen since 1986.

Market participants attributed the move to growing bets that Japanese authorities may step in to support the currency. The rapid decline triggered a wave of short-covering, amplifying the yen's gains. No official confirmation of intervention has been provided.

The pullback comes after a sustained period of yen weakness driven by divergent monetary policies between the Bank of Japan and the Federal Reserve.

Source: FXStreet Forex News