The yen strengthened in the foreign exchange market on 7 September, briefly reaching the ¥154 range per US dollar. This was the yen's strongest level against the dollar since late February last year, with the yen appreciating by more than ¥1 in a short period.
The yen strengthened in the foreign exchange market on 7 September, briefly reaching the ¥154 range per US dollar. This was the strongest level since late February, with the yen appreciating by more than ¥1 in a short period.
The yen continued to strengthen even after yen-buying intervention from April to May and coordinated intervention with the US government at the end of July. Against this backdrop, the ¥155 range had come to be viewed as a previous barrier. Depending on future developments, market caution surrounding this barrier may intensify.
Follow-up coverage of this article is expected to focus on the effects of government and Bank of Japan intervention, market reactions and whether further foreign exchange intervention is planned. At present, the facts reported are limited to the yen's temporary appreciation to the ¥154 range and the history of past interventions.