Yen Surges on Suspected Tokyo Intervention Ahead of BOJ Decision

The Japanese yen strengthened on Friday, reaching near 160 per dollar after surging by as much as 3.3% in the previous session.

Markets suspect that Tokyo intervened once again to support the currency ahead of the Bank of Japan's policy decision.

Nikkei reported that Japanese authorities entered the foreign exchange market, and US officials requested dollar-yen rate quotes.

Japanese Finance Minister Satsuki Katayama has repeatedly signaled that authorities stand ready to intervene at any time, while noting that Japan remains in close communication with the US on foreign exchange issues.