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Yen rises after Japan-US aid, dollar weakens
The Japanese yen rose significantly following a joint intervention by Japan and the United States to support the currency, reaching 156.01 against the dollar with gains exceeding 3% last week. This was driven by massive buyings totaling around $59 billion. Despite the effectiveness of these interventions, structural pressures remain strong due to the Bank of Japan's slow pace in tightening monetary policy and the yield gap, which could lead to additional interventions soon. Other currencies were affected as well, with the euro hitting its highest level in a month and a half at 1.1559 dollars, and the British pound nearing its highest in two weeks. Meanwhile, the dollar came under pressure due to falling oil prices, Trump's announcement of canceling a potential attack on Iran, and markets awaiting U.S. jobs data that will influence the Federal Reserve's upcoming decisions.
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