Japan Might Have Already Intervened to Prop up Yen

Dow Jones07-03 16:36

0836 GMT - Japanese authorities might have intervened Thursday to support the yen and could take further action Friday during U.S. holiday-thinned liquidity, ING's Francesco Pesole says in a note. The dollar fell against the yen Thursday morning even before soft U.S. nonfarm payrolls data pushed it below 161.00, he says. "We cannot rule out that this initial move was driven by FX intervention." Further interventions remain a risk despite the yen's recovery, he says. Japan tends to intervene around holidays and spread operations over multiple days. Acting after a dollar-negative event would also be consistent with their approach in 2024, he says. The dollar falls 0.1% to 160.87 yen, having reached a two-week low of 160.51 earlier, according to LSEG. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

July 03, 2026 04:36 ET (08:36 GMT)

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Japan tends to intervene around holidays and spread operations over multiple days. Acting after a dollar-negative event would also be consistent with their approach in 2024, he says. The dollar falls 0.1% to 160.87 yen, having reached a two-week low of 160.51 earlier, according to LSEG. 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The dollar fell against the yen Thursday morning even before soft U.S. nonfarm payrolls data pushed it below 161.00, he says. \"We cannot rule out that this initial move was driven by FX intervention.\" Further interventions remain a risk despite the yen's recovery, he says. Japan tends to intervene around holidays and spread operations over multiple days. Acting after a dollar-negative event would also be consistent with their approach in 2024, he says. The dollar falls 0.1% to 160.87 yen, having reached a two-week low of 160.51 earlier, according to LSEG. 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