Japanese Yen Holds Firm After Suspected Intervention
USD/JPY steadied on Monday following a sharp drop at the open, fueling speculation of fresh coordinated intervention by Japan and the U.S.
The USD/JPY pair steadied on Monday after a sharp decline at the weekly open, reigniting speculation that Japanese authorities may have intervened again. The move follows last week’s coordinated action by Japan and the United States to support the yen.
Traders noted that the rapid drop at the open was unusual and could signal further stealth intervention. The yen has been under pressure for months due to the wide interest rate differential between the Bank of Japan and the Federal Reserve.
Officials have not confirmed any market operations, but the pattern mirrors last week's intervention, which aimed to curb excessive volatility. The pair remains near the 150 level, with markets on high alert for any further signs of official action.
Source: FXStreet Forex News