The yen has suddenly appreciated significantly, with the Japanese authorities suspected of intervening in the yen exchange rate.
BlockBeats News, January 23rd, according to Bitget market data, today the USD/JPY exchange rate suddenly surged. Tokyo may have intervened to prevent the yen from falling to or near multi-year lows. The USD/JPY once fell to 157.33, down 0.13% to 158.17. It is not yet clear whether the Japanese authorities have initiated yen-buying intervention. The Japanese Ministry of Finance has not commented yet.
Financial website Investinglive analyst Giuseppe Dellamotta stated that after the Bank of Japan's interest rate decision weakened the yen, it seems that Japanese officials did intervene in the foreign exchange market. It appears that Japanese officials have set the USD/JPY exchange rate floor at 159.00. Last week, we also saw officials increase their verbal intervention, which helped alleviate yen pressure.
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