The yen fell below the key level of 160 amid intervention speculation
2024-06-26 09:42:25
On June 26, the yen fell below 160 yen against the dollar. On April 29, the pair reversed course sharply after falling below this level, sparking speculation that the Japanese authorities may intervene again to support the currency. Previously, as the yen fell to a 34-year low against the dollar, the Japanese authorities spent 9.80 trillion yen (61.20 billion dollars) between April 26 and May 29 to support the yen. This amount exceeds the total amount used to support the yen in 2022. The volatility of the yen indicates that the intervention occurred on April 29 and May 1. Japanese authorities, including Finance Minister Shunichi Suzuki, said they were closely monitoring developments in the currency market and would take all necessary measures as needed.
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