Yen Plunges Amid Tokyo Intervention Fears

The Japanese yen has seen a significant drop in value against the US dollar, sparking concerns about potential intervention by Tokyo.

A rate check is typically a precursor to such action, and it was conducted alongside comments from Bank of Japan board member Takada that policy should remain nimble and data-dependent. This statement has increased expectations for a rate hike this month.

The Federal Reserve remains focused on inflation following the Jackson Hole gathering, with fed funds futures adjusting after a weaker-than-expected ADP employment report.