The yen moved sharply in the foreign-exchange market, briefly surging into the ¥156 range against a backdrop of warnings from the Japanese and US governments against yen depreciation. The main opinions from this week's BOJ Monetary Policy Meeting and the details of the US employment report could become the market's focus.
Moves in the yen against the dollar have become increasingly volatile in the foreign-exchange market, with a series of warnings against yen depreciation issued by officials in Japan and the United States. The market is seeking to assess the BOJ meeting and the details of the US employment report.
Amid the authorities' stance of curbing yen depreciation, the yen was reported to have briefly surged into the ¥156 range rather than remaining around ¥122. These moves could provide clues to the government's and BOJ's future responses.
The main opinions from this week's BOJ Monetary Policy Meeting and the details of the US employment report are expected to be the key factors determining the yen's future course. Market participants are watching how both sets of information emerge.
Overall, short-term currency movements are expected to be heavily influenced by statements from the government and BOJ and the content of key economic indicators.