Forex
Dollar-Yen Rangebound Amid Intervention Concerns, Month-End Flows
The dollar-yen pair experienced a sluggish recovery in Tokyo foreign exchange trading on August 30th, oscillating between 156.37 and 157.46.
Month-end and quarter-end yen-buying flows from real demand drove the decline, with dollar-selling pressure intensifying throughout the morning session.
The pair briefly reached the 157 range in the afternoon but was capped by concerns over coordinated Japan-U.S. intervention, sending it back into the 156 range.