Forex
US Treasury Warns of Potential Yen Intervention
The US Treasury has informed several banks that it may intervene in the Japanese yen market on Friday. The notice, sent through the Federal Reserve Bank of New York, warns banks to be prepared for potential action.
The move comes after Japan's authorities stepped in to prop up the yen on Thursday, causing its value against the dollar to increase by nearly 2%.
The US Treasury's intervention has already had an impact, with the yen rising to its highest level against the dollar since February.