The yen strengthened sharply against the dollar in the New York market, briefly trading in the low ¥158s per dollar. As the yen's depreciation continued after the coordinated intervention at the end of July, market caution over the possibility of additional intervention is growing.
On the 2nd, the yen surged in the New York foreign exchange market, briefly trading in the low ¥158s per dollar. The yen's appreciation against the dollar became increasingly pronounced.
Japan and the United States carried out coordinated intervention at the end of July, but the yen's decline resumed afterward. US Treasury Secretary Bessent conveyed his support for decisive action against yen depreciation to Bank of Japan Governor Ueda (植田).
While market participants believe it is difficult to conclude that the yen's latest surge was caused by intervention, caution over additional intervention is growing.