Yen stays strong after 0.9% rise
The Japanese yen maintained its gains after a sudden surge of 0.9% to 158.88 against the dollar, amid speculation of official intervention by Tokyo to support the currency. This comes ahead of the U.S. jobs report and expectations of decisions from the Federal Reserve. The rise follows a rare joint intervention between the United States and Japan on July 31, but economic pressures, such as interest rate differentials and rising energy prices, continue to exert downward pressure on the yen. Markets are anxiously awaiting the U.S. employment report due tomorrow, which is expected to show an increase of 56,000 jobs, with potential rate hikes from the Fed, adding to market volatility.
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