Forex
Yen Stabilizes After US-Japan Intervention Attempt
The yen has stabilized following a joint US-Japan intervention attempt to control its recent sharp drop.
The currency firmed up to 158.93 per USD in Asian markets, but still hasn't reclaimed its three-month high of 155.20 achieved just last week.
Market analysts speculate that traders might anticipate further interventions as the yen erased nearly half of its recent gains after reaching a 40-year low of 163.99 per dollar.
Marc Chandler of Bannockburn Capital Markets noted the market's test of resolve from both Japanese and US officials while trading volume remained low due to a Japanese holiday.