Japanese authorities likely intervened in markets to stem the slide of the country’s battered currency on Friday, market participants said, following an unexpected jump in the yen against the dollar. The yen rose as high as 144.50 per dollar on Friday, up more than seven yen from a 32-year low of 151.94 yen per dollar, touched earlier in the session. The dollar was last down 1.8% at 147.34 yen. “It’s very clearly the ministry of finance stepping in to sell dollar-yen,” said TD Securities in New York Senior FX Strategist Mazen Issa. Karl Schamotta, Chief Market Strategist at Corpay in Toronto, concurred. “We are hearing large blocks are being traded,” he said. “That typically means either larger institutions are moving money or that a central bank is intervening in size. The clearest evidence is just the scale of dollar selling that is happening.”
Published in The Express Tribune, October 23rd, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ