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Yen rises near 157.50 after US and Japan coordinate currency support
The move comes as investors look ahead to US July jobs data and the next Bank of Japan decision, with analysts citing increased odds of a September 25 bps hike.
USD/JPY traded slightly below 157.50 during early Asian hours Thursday, with the yen strengthening against the US dollar after a coordinated currency intervention involving the United States and Japan, FXStreet reported.
The article said Japan’s finance ministry previously described Tokyo and Washington conducting coordinated yen buying and would not hesitate to take additional steps, while US Treasury Secretary Scott Bessent said the US would not rule out stepping in again and President Donald Trump characterized the intervention as a “signal of friendship.”
FXStreet added that attention is shifting to upcoming US Initial Jobless Claims later Thursday and US July jobs data on Friday, with the US economy expected to add 80,000 jobs in July and the unemployment rate projected at 4.2%.
In parallel, analysts cited in the piece said wage data have shifted Bank of Japan expectations, noting that implied odds for a 25 bps BoJ hike to 1.25% at the September 18 meeting rose to 60.0% from about 40.0% ahead of the wage data, even as they said underlying inflation remains subdued.
Latest closeUSD/JPY 157.69 ▲0.1%