Sudden yen jump stokes rate check speculation
Add BT as a preferred source
[TOKYO] The Japanese yen jumped suddenly on Tuesday (May 12), stoking speculation of a “rate check,” which is often a precursor to currency intervention.
The yen shot from about 157.75 to the dollar to 156.75 in a space of a few minutes. Brokers said the move, about half of which was soon unwound, was likely a rate check.
Japan’s Ministry of Finance declined to comment. Sources have told Reuters Japan has been buying yen in recent weeks.
The US and Japan maintain “constant and robust” coordination in combating undesirable, excessively volatile currency moves, US Treasury Secretary Scott Bessent said in Tokyo on Tuesday, a remark seen broadly as consent for Japan’s yen buying. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Tiger Brokers, Moomoo, Longbridge Singapore units ‘financially independent’ amid China crackdown: MAS
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Johor property old hand KSL readies family handover amid market boom
As India and China surge ahead with nuclear energy, all eyes on Asean’s next move
