Forex
Yen Surges Against Dollar Amid Speculation of Official Rate Check
The Japanese yen made significant gains against the US dollar on Wednesday, rising to 158.92 per dollar after having retraced approximately half of its increases following a rare joint intervention by the US and Japan at the end of July.
The move was seen as unexpected, with some analysts suggesting it could be an official rate check rather than another intervention attempt.
BOJ Governor Kazuo Ueda signalled a strong chance of a hike this month, while hawkish comments from Fed Chairman Kevin Warsh on Friday prompted traders to raise bets on a US central bank interest rate hike at the September 15-16 meeting.