The Japanese yen fell to a new 34-year low against the dollar early Monday but then rose sharply as traders worried that Tokyo had intervened to prop up its beleaguered currency.
As Japanese markets closed for Showa Day, weak trading in Asia saw USD/JPY (USDJPY) quickly jump two yen to above 160, the yen's weakest level against the US dollar since 1990.
This has pushed USD/JPY up about 12% so far this year, with the dollar strengthening against the yen in response to widening bond yield differentials.
Yields on two-year US Treasuries rose 75 basis points in 2024 to 5% after signs of...
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