Japan Deploys Billions to Boost Yen as Dollar Falls Most Since 2022

The dollar dropped by as much as 3% against the Japanese yen on Thursday, its largest single-day decline since late 2022.

Currency analysts pointed to Japan's Ministry of Finance deploying billions in the spot market to arrest a yen slide that had pushed the currency to its weakest level in four decades.

The dollar fell from an opening rate above ¥163 to an intraday low of ¥157.80 before stabilizing around ¥158.61, a move of roughly 400 pips in hours.

No economic data or central bank statement could explain the drop on its own.