Why Japan’s yen shock is rippling across Asian currencies – and what it means for Singapore

[SINGAPORE] It has been less than a week since the first reports of a rare, possible intervention in the yen by US and Japanese authorities emerged.

Since then, the greenback has been in relative free fall – with one major index hitting a four-year low on Wednesday (Jan 28) – and the yen has strengthened considerably against the US dollar.

This has also spilled over into major Asian currencies, with most strengthening against the greenback – including the Singdollar, which on Monday marked an 11-year high.