USD/JPY Seesaws as Traders Weigh US NFP Data and Interventions

The Japanese yen's downward trend continued as investors reflected on recent interventions by the US and the Bank of Japan.

After plummeting to 155.20 earlier this week, the USD/JPY pair rebounded to 158.41 as traders bought the dip ahead of the US nonfarm payrolls (NFP) data.

The US has 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, bringing its total to over $120 billion this year.