Forex
BOJ Rate Check Sends Yen Soaring Past Upper-156 Range
The Japanese yen saw a significant boost against the US dollar on Friday night into early Saturday morning Japan time, rising to the upper-156 range after the Bank of Japan conducted a rate check.
This move was seen as a precursor to currency market intervention and reversed the yen's previous slump following an interest rate hike.
The exact timing of the rate check is unclear, but it is believed to have taken place late on Friday night. The resulting surge in the yen's value has sparked interest among traders and investors.