The yen surged against the dollar in New York trading, briefly reaching the low ¥158 range. Market sentiment is being shaped by caution over renewed intervention and expectations of an acceleration in Bank of Japan rate hikes.
The yen surged against the dollar in the New York foreign-exchange market, briefly reaching the ¥158.20 range. The previous day, it had fallen to the ¥160.30 range, a new low for the yen since the yen-buying, dollar-selling intervention at the end of July.
Caution over additional intervention remains in the market, and trading has remained volatile as an acceleration of Bank of Japan rate hikes comes into focus. Remarks by BOJ Governor Ueda (植田) and US Treasury Secretary Bessent, released by the US Treasury on the 1st, are also drawing market attention.