SINGAPORE - The Japanese yen jumped suddenly against the US dollar in Asian trading on April 29, with traders citing yen-buying intervention by Japanese authorities to try to underpin a relentless tumble in the currency to levels last seen over three decades ago.
Against the Singapore dollar, the yen reversed course, jumping 1.7 per cent higher to 114.1893 after earlier dropping to 116.943. “I won’t comment now,” Mr Kanda, the vice finance minister for international affairs, told reporters. BOJ governor Kazuo Ueda told a press conference after a meeting last week that monetary policy does not directly target currency rates, although exchange-rate volatility could have a significant economic impact.
The suspected intervention comes just days ahead of the Federal Reserve’s May 1 policy review, with investors already anticipating a delay in Fed rate cuts after a batch of sticky US inflation data and as officials including chairman Jerome Powell emphasise even those plans are dependent on data.
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