In the New York market on the 3rd, the yen firmed to the low ¥155 range at one point, amid market speculation that speculative investors rapidly unwound their yen-selling positions. US market participants have offered views on the effect of coordinated intervention by Japan and the United States.
In the New York foreign exchange market on the 3rd, the yen strengthened to the low ¥155 range against the dollar at one point. Some believe that intervention to sell yen, particularly by speculative investors, took place, and have cited it as one factor behind the sharp appreciation of the yen and decline in the dollar.
Market participants have raised the possibility that the governments of Japan and the United States acted in concert, while saying that the market is awaiting further reports on future developments.
Some have also pointed to the rapid unwinding of speculative investors' yen-selling positions. Attention in the foreign exchange market is focused on identifying the level at which intervention may take place and on the market's response.