Bessent's Yen Intervention Sparks USD/JPY Volatility

The value of the yen has been volatile in recent days, increasing by over 1.5% this week alone.

This surge is largely due to intervention from Japanese and US officials, who have worked together to strengthen the currency since May when USD/JPY hit a high of 160.00.

The multilateral effort was particularly significant in July, where both countries intervened to prop up the yen and buy it at a higher rate. Since then, however, USD/JPY has dropped more than 10 big figures.

This week saw another sharp drop in USD/JPY, from 160.00 to 153, with some analysts speculating that US authorities may have been involved in indirect intervention.