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Yen jumps after USD/JPY drops toward 158.75 on intervention talk

USD/JPY slid nearly 0.9% and the dollar index edged to 99.55 after dipping speculation around further Japanese FX intervention.

Reported · Written up by our desk · Major Pairs

The Japanese yen strengthened on Wednesday as USD/JPY fell nearly 0.9% during American trading, helping push the pair to around 158.75, its lowest level since August 24, according to FXStreet.

The move followed a sharp drop that raised speculation Japanese authorities may have stepped into the foreign exchange market again, though there was no official confirmation of intervention, the outlet reported.

The dollar also weakened more broadly. FXStreet said the US Dollar Index, which tracks the greenback against a basket of six major currencies, traded around 99.55 after hitting 99.86 earlier in the session, its highest level since August 14.

FXStreet pointed to shifting rate expectations as a key driver, noting BoJ Governor Kazuo Ueda said the central bank will discuss whether to raise rates at its September 17 to 18 meeting. Traders also turned to upcoming US data, with the ADP report showing private employers added 38K jobs in August, below the 47K forecast, ahead of Friday’s Nonfarm Payrolls.

Latest closeUSD/JPY 158.82 ▼0.9%|Dollar index 99.58 ▼0.1%

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