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Yen holds near 157 per dollar after intervention speculation

The yen swung up to a gain of as much as 1.4% versus the dollar in Tokyo before ending the New York session around 157 per dollar.

Reported · Written up by our desk · Major Pairs

The Japanese yen was steady through the New York trading session on Monday, after earlier sharp gains fueled fresh speculation that authorities could intervene again to support the currency. LiveMint Markets said the yen ended around 157 per dollar, close to where it was at the start of the US session.

Earlier, the yen moved from a small decline to a rise of up to 1.4% versus the dollar in Tokyo, before paring much of the move. Howard Du, a strategist at TD Securities in New York, said the stability signaled some stabilization after three days of volatility, adding that speculators could still try to push the yen toward 153 in the short term.

The yen’s recent surge comes amid heightened coordination between Japan and the US. LiveMint Markets reported that Japan and the US Treasury Department have been working together in a way not seen in decades, with Japan confirming its first joint intervention with the US in currency markets in 15 years, and Treasury Secretary Scott Bessent saying the US would not hesitate to act again.

Gareth Berry, a strategist at Macquarie in Singapore, said the price action alone suggested possible intervention, noting Japan’s limited window to act on the USD/JPY chart. LiveMint Markets also said officials used direct purchases, calls to banks and statements from Bessent and Finance Minister Satsuki Katayama to reverse more than two months of yen losses in just two days late last week.

Latest closeUSD/JPY 157.38 ▼1.8%

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