The yen strengthened sharply against the dollar on Monday afternoon in Asia, rebounding from a 34-year low reached a few hours earlier and triggering speculation that Japanese authorities had intervened to support the currency after weeks of warnings.
From about 1pm Tokyo time, the yen began to strengthen from ¥159.5 a dollar to ¥155.2 over a 50-minute period. Traders in Hong Kong said it was “highly likely” that Japanese authorities intervened.
Earlier in the day, the yen had slid past ¥160 against the dollar, a level many traders assumed would force an intervention by Japan for the first time since late 2022. Markets in Japan were closed for the first day of the country’s Golden Week holidays, resulting in thin trading.
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