Forex
US Treasury Warns Banks of Potential Yen Intervention
The US Treasury has sent a warning to banks about potential intervention in Japan's yen market. This move comes after Japanese authorities supported the currency, causing it to rise by its largest weekly amount since February.
The notice from the Treasury, relayed through the Federal Reserve Bank of New York, advises banks to 'stand ready for future action.' This has already pushed the yen higher against the dollar, with its current price at 159.61 USD.