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Japan is suspected of spending nearly $30 billion to defend the yen during the Golden Week holiday, when thin trading makes currency swings more pronounced. A move of that scale signals strong official concern about yen weakness and could force traders to unwind bets against the currency.
Reports indicate Japan is moving closer to yen intervention as conflict involving Iran threatens to drive oil prices sharply higher. Because Japan imports nearly all its crude, an oil spike weakens the yen and raises costs across the economy, increasing pressure on Tokyo to act.
Bank of Japan data points to more than $30 billion spent intervening in currency markets on Thursday to prop up the yen. An operation of this size would rank among the largest single-day yen defense efforts on record. Official confirmation from Japan's Ministry of Finance is expected with a delay.
Tag
Japan is suspected of spending nearly $30 billion to defend the yen during the Golden Week holiday, when thin trading makes currency swings more pronounced. A move of that scale signals strong official concern about yen weakness and could force traders to unwind bets against the currency.
1mo ago · 2 min · Global Affairs
Reports indicate Japan is moving closer to yen intervention as conflict involving Iran threatens to drive oil prices sharply higher. Because Japan imports nearly all its crude, an oil spike weakens the yen and raises costs across the economy, increasing pressure on Tokyo to act.
1mo ago · 3 min · Global Affairs
Bank of Japan data points to more than $30 billion spent intervening in currency markets on Thursday to prop up the yen. An operation of this size would rank among the largest single-day yen defense efforts on record. Official confirmation from Japan's Ministry of Finance is expected with a delay.
2mo ago · 1 min · Global Affairs
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