Yen Edges Higher as Markets Anticipate Joint Intervention from Japan and US

The yen has edged higher in thin trading after markets anticipated more joint intervention from Japan and the US. The currency rose about 0.2% to 157.16 per US dollar in early Sydney trading, as investors anticipate further action from both countries.

Last week's coordinated operations between Tokyo and New York triggered a dramatic rebound in the yen. Finance Minister Satsuki Katayama is set to announce that Japan and the US are working together to shore up the currency.

Goldman Sachs strategists believe authorities would intervene further if the yen begins to unwind its recent move, as it did in May. They think intervention can buy time before fundamental factors turn more positive.