Japanese Yen Rises vs Pound on Intervention Suspicions
The Japanese yen strengthened sharply against the British pound on Friday, driven by speculation that Japanese authorities intervened in the currency market. GBP/JPY retreated further from its recent multi-year peak of 219.16.
The GBP/JPY cross resumed its decline on Friday as market chatter about possible yen-buying intervention by Japanese officials rattled the FX market. The yen rallied broadly, adding pressure on the pair.
The move pushed the cross further away from the multi-year high of 219.16 reached earlier this session. Traders are watching closely for any official confirmation of intervention.
The suspected action underscores the sensitivity of yen crosses to policy signals, after Japanese authorities had previously warned about excessive volatility.
Source: FXStreet Forex News