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Yen reaches three-month high after U.S. and Tokyo action
The Japanese yen jumped to its highest level in three months against the dollar and euro after interventions by Tokyo and Washington to support the Japanese currency. The yen was valued at 157.05 against the dollar, a 0.18% increase, and at 180.78 against the euro, a 0.45% rise. Expectations of further measures have resurfaced, as Central Bank data revealed that Japan has spent over $36.58 billion purchasing yen so far, bringing total interventions this year to more than $100 billion. Although interventions are usually short-lived, Bank of America analysts suggest that coordination between Japan and the United States could turn the market around and lead to a shift in currency stability. Following this, the dollar index recovered 0.25% to reach 99.97, on its way to halting its ongoing losses.
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