Yen Makes Sharp Gain Against Dollar Amid BOJ Hawkish Comments

The Japanese yen has made a sharp gain against the US dollar, reaching as high as 155.21 per dollar on Wednesday before settling at 158.72, up 0.92% from the previous day.

This move comes after a rare joint intervention by the US and Japan at the end of July, which saw the yen rise to its highest level in over 40 years at 163.98 per dollar.

An expert believes this may be a 'rate check' rather than an attempt to shift the trend, as the recent intervention did not have the desired effect.