The Bank of Japan is believed to have conducted a rate check last night, regarded as a preparatory step for foreign exchange intervention, and the yen strengthened by more than ¥1 at one point. The yen strengthened against the US dollar during the night in Japan, with USD/JPY moving to the mid-¥156 range.
Information has emerged that the Bank of Japan conducted a rate check last night, regarded as a preparatory step for foreign exchange intervention, causing the yen to strengthen temporarily.
USD/JPY had initially been trading in the upper-¥157 range, but the yen then strengthened over a short period, reaching the mid-¥156 range at one point. According to sources familiar with the matter, the move was associated with the rate check, regarded as part of preparations for foreign exchange intervention.
Further updates are awaited regarding the extent of the impact and the authorities’ response.