The Japanese yen appreciated toward 149 per dollar on Monday, rising for the second straight session as a dip to the 150 level last week prompted fresh verbal warnings from the government, raising fears of another currency intervention.
Yen up to 149 against US dollar
Late last week, the yen hit an 11-week low of 150.32 as the dollar rallied on strong US economic data and rising odds of another Trump presidency. Data released on Friday also showed that Japan’s headline and core inflation rates slowed to a five-month low of 2.5% and 2.4%, respectively, in September. The yen’s weakness prompted Japan’s top currency diplomat Atsushi Mimura to reiterate government warnings that they are closely watching currency moves and that excess volatility is undesirable.
Authorities intervention
Japanese authorities intervened in the currency markets earlier this year when the yen breached the 160 per dollar level, with markets watching the 150 level as a potential new line in the sand.
