USD/JPY rises above 159.00 as yen weakens despite recent Japanese authorities’ market intervention efforts.
The Japanese yen fell nearly 1% against the dollar, trading above 159.00 after authorities’ intervention failed to attract sustained buying interest. The pair fluctuated within a 120-pip range, peaking near 158.00 before retreating.
Earlier intervention aimed to stabilize the yen amid persistent weakness, but markets quickly reversed gains. The yen’s decline follows a broader trend of dollar strength and diverging monetary policies between the U.S. and Japan.
Traders remain cautious as further intervention risks persist, though the lack of follow-through buying suggests limited near-term support for the yen.