The Japanese Yen surged against the Dollar following coordinated intervention by US and Japanese authorities to support the currency.
The USD/JPY pair fell to near 157.65 in early Asian trading on Thursday, extending losses after a coordinated currency intervention by the US and Japan. The move marks a rare joint effort to stabilize the Yen, which had weakened significantly in recent weeks.
Prior to the intervention, the Yen had traded near multi-decade lows against the Dollar, with USD/JPY hovering above 160.00 earlier this week. Market consensus had anticipated potential intervention, though the timing and scale surprised traders.
The immediate reaction saw the Yen strengthen sharply, with USD/JPY dropping below 157.70. Analysts noted the intervention could signal further policy coordination between the two nations.