Japanese Yen Resumes Downward Trend Ahead of US NFP Data

The Japanese yen's downward trend continues as investors reflect on recent interventions by the United States and the Bank of Japan.

The USD/JPY exchange rate plummeted to a low of 155.20 earlier this week, but rebounded to 158.41 as traders took advantage of the dip ahead of the US nonfarm payrolls (NFP) data.

US intervention is estimated to have spent billions of dollars rescuing the yen, driving the USD/JPY exchange rate from last year's high of 163.96 to 155.20.

The Bank of Japan also spent over $50 billion in these interventions last week, with total spending reaching over $120 billion this year.