The yen rose by approximately ¥5 against the US dollar over 3 days in the foreign exchange market. Against the backdrop of speculation surrounding efforts by Japanese and US authorities to correct the yen's weakness, a shift in the yen's downtrend is increasingly coming into focus.
The yen rose against the US dollar for 3 consecutive days in the foreign exchange market, moving through a range of approximately ¥5. Market participants are increasingly taking the view that the yen's downtrend may be turning.
The yen was in the low ¥160s per US dollar as of the 2nd, but had risen to the low ¥155s by the morning of the 4th. Some reports said yen buying accelerated as speculation about intervention intensified.
Views among market participants are divided on the prolonged period of yen weakness, but alongside growing warnings about the effectiveness of intervention, more market participants are closely watching developments ahead.