During New York hours, dollar-yen fell to around ¥158.70, with yen buying intensifying at one point. At the same time, cautious speculation is spreading over whether intervention was carried out.
Dollar-yen subsequently traded around ¥158.70. After New York hours began, yen buying intensified rapidly, and the pair was seen falling from the upper ¥109 range to the lower ¥158 range.
Market concern about yen-buying intervention is rising, but the price movement is small compared with previous intervention episodes, prompting some skepticism that intervention took place. Analysts have indicated that it is difficult to conclude that the move was caused by intervention.
Japan has spent $96.4 billion, among the largest amounts ever, on yen-buying intervention over the past month, while the latest level is heightening concern about a move into the ¥160 range. However, no information confirming that intervention or a rate check was carried out has been obtained from the U.S. Treasury or the Federal Reserve Bank of New York at this time.