- The yen temporarily strengthened by more than 1 yen to the upper-156 range against the dollar late Friday night into early Saturday morning Japan time.
- The move came after the Bank of Japan conducted a rate check, which markets often view as a precursor to currency market intervention.
- The rate check reversed the Japanese currency's slump following the BOJ's interest rate hike.
Quotes
“The Japanese currency spiked by more than 1 yen to the upper-156 range against the dollar late Friday night into early Saturday morning Japan time, after the Bank of Japan carried out a rate check, often seen as a precursor to currency market intervention.”