Yen strength short-lived amid suspected intervention, USDJPY back above 156

Investing.com-- The Japanese yen weakened sharply on Thursday, seeing limited resilience amid what appeared to be repeated intervention in currency markets by the government, as the specter of high U.S. interest rates persisted.pair- which gauges the amount of yen needed to buy one dollar- rose 1% to 156 in late-morning trade, after sliding as low as 153 on Wednesday.

The USDJPY pair had surged as far as 160 this week, a 34-year high. Traders said that this level was the new line in the sand for the MoF, which had last undertaken an expensive course of yen intervention in late-2022. The Fed held rates steady and dismissed any expectations of more rate cuts, which sparked some near-term weakness in the dollar. The greenback fell sharply from a near six-month high on Wednesday- a move that also factored into some strength in the yen.

The wide gulf between U.S. and Japanese interest rates had been the biggest point of pressure on the yen, and is expected to persist in the near-term.

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