The Japanese currency rose 1 per cent in the Asian morning to a high of 155.20 per US dollar, its strongest level in about three months, before paring some gains.<\/p>\n
The yen rose as much as 1 per cent against the Singapore dollar in early trading. It was trading 0.6 per cent stronger at 122.12 per Singapore dollar at 11.40 am Singapore time. At that level, the yen had strengthened about 3.5 per cent from its pre-intervention level against the Singapore dollar on Jul 30.<\/p>\n
The yen also advanced against other currencies like the euro and sterling, stirring speculation Japanese authorities could be in the market again.<\/p>\n
\u201cGiven the magnitude of the move in USD\/JPY and its timing, the possibility of intervention cannot be ruled out,\u201d Hirofumi Suzuki, SMBC\u2019s chief FX strategist, said of Monday\u2019s move.<\/p>\n
\u201cA substantial build-up of short yen positions had occurred, and the unwinding of these positions tends to accelerate yen appreciation. Market participants are also highly alert to the risk of such a move.\u201d<\/p>\n
A trader, who declined to be named as they were not authorised to speak to the media, said there was a huge unwinding of yen shorts on Monday.<\/p>\n
The yen\u2019s jump followed a more than 3 per cent surge over two trading sessions in the week ended Aug 2. Japan\u2019s finance ministry confirmed it had engaged in joint yen-buying intervention with the US on Friday, while Bank of Japan data also showed Japan may have bought as much as US$58.97 billion worth of yen on Thursday.<\/a><\/p>\n \u201cHistory is clear, joint FX intervention packs a punch, and investors should lean with the official flow, not against it,\u201d said Elias Haddad, global head of markets strategy at BBH.<\/p>\n SEE ALSO<\/p>\n \u201cSince 1998, all three coordinated US FX intervention episodes were successful.\u201d<\/p>\n The yen has been under pressure for years now, undermined by the BOJ\u2019s gradual approach to monetary policy tightening, which has kept yield differentials between Japan and the rest of the world wide.<\/p>\n \u201cOutside of a change in either the policy mix or global growth outlook, we think encouraging repatriation would be the most powerful policy for influencing the currency over a long period of time,\u201d Goldman Sachs analysts said.<\/p>\n US dollar under pressure<\/p>\n The latest bout of yen-buying hammered the US dollar, with the euro rising to a 1\u00bd-month high of US$1.1559 early in Asia on Monday, while sterling hovered near a two-week top at US$1.3476.<\/p>\n The US dollar index was little changed at 99.78, having slid more than 1.5 per cent in the week ended Aug 2.<\/p>\n A fall in oil prices<\/a> also weighed on the greenback, after US President Donald Trump said he had called off an attack on Iran and that talks between the two sides will happen on Monday.<\/a><\/p>\n In other currencies, the Australian dollar was up 0.18 per cent at US$0.7033, while the New Zealand dollar edged 0.05 per cent higher to US$0.5893.<\/p>\n Investor focus this week will be Friday\u2019s US non-farm payrolls data, for clues on the health of the US labour market and any influence the figures may have on US Federal Reserve policy.<\/p>\n \u201cA still-resilient labour market or signs that disinflation is stalling could increase pressure on the Fed to reinforce its anti-inflation credentials,\u201d OCBC analysts said.<\/p>\n \u201cWith two inflation reports and two employment releases due before the September FOMC meeting, incoming data will be pivotal, starting with this week\u2019s payrolls report.\u201d REUTERS<\/p>\n","protected":false},"excerpt":{"rendered":"The yen also advanced against other currencies like the euro, sterling and Singapore dollar Published Mon, Aug 3,…\n","protected":false},"author":2,"featured_media":68017,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[1300,217,215,3074,214,216,1101,8987,1203],"class_list":["post-68016","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bank-of-japan","tag-business","tag-business-of-japan","tag-forex","tag-japans-business","tag-japanese-business","tag-us-dollar","tag-us-federal-reserve","tag-yen"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/posts\/68016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/comments?post=68016"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/posts\/68016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/media\/68017"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/media?parent=68016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/categories?post=68016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/tags?post=68016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"The](\"https:\/\/www.europesays.com\/japan\/wp-content\/uploads\/2026\/08\/3bb03c56e00a88cc71a5ea24fe9d4ca562a73e2836e1b24ea7a64a07dec7adc2.webp\")
<\/a><\/p>\n