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BOJ Rate Check Lifts Yen Past ¥157 per Dollar
The Bank of Japan conducted a rate check, signaling potential intervention and driving the yen to ¥156.95 against the dollar. This move suggests the BOJ's concern over the currency's recent depreciation and a readiness to act, particularly as the yen…
The Bank of Japan (BOJ) performed a rate check on Thursday, a measure seen as a precursor to currency intervention. This action led to an immediate strengthening of the Japanese yen, which moved from the ¥157.60 range to ¥156.95 against the US dollar.
This rate check indicates that BOJ policymakers are closely monitoring the yen's depreciation and may be prepared to intervene in the market. The currency's move toward ¥160 per dollar likely prompted this official scrutiny, as a weaker yen increases import costs and affects the domestic economy.
The BOJ previously intervened in September 2022 when the yen reached ¥145.90, and again in October 2022 at ¥151.95. Market participants interpret the latest rate check as a warning that a significant depreciation past current levels could trigger direct intervention to stabilize the currency.
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