Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration/File photoTOKYO : The yen gave up ground in early trade on Thursday, reversing direction after a sudden surge against the dollar overnight that traders and analysts were quick to attribute to intervention by Japanese authorities.
When contacted by Reuters, Japan's vice finance minister for international affairs, Masato Kanda, who oversees currency policy, said he had no comment on whether Japan had intervened in the market. The dollar remains up more than 10 per cent against the yen this year, as traders push back expectations on the timing of a first Fed rate cut, while the Bank of Japan has signalled it will go slow with further policy tightening after raising rates for the first time since 2007 in March.
The dollar was already on the back foot before the yen's spike, after Fed Chair Powell reiterated the central bank's bias for easing policy - even if the timing has been delayed - while giving no sign that further rate hikes are under consideration.
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