Yen Strengthens Toward 157.50 on US-Backed Intervention Reports
The Japanese yen appreciated to near 157.50 against the dollar in early Asian trade on Thursday following reports of coordinated intervention by the US and Japan.
USDJPY
The USD/JPY pair fell to around 157.65 during early Asian trading on Thursday, reflecting yen strength. The move comes after reports of a coordinated currency intervention by the United States and Japan, aimed at supporting the yen.
Trading turned negative for the pair as the yen gathered momentum, pushing the exchange rate toward the 157.50 level. The intervention signals official effort to counter recent yen weakness.
No further details were immediately available on the scale or timing of the operation.
Source: FXStreet Forex News