Sharp yen rises spark speculation over government intervention

Japanese minister refuses to comment on whether authorities acted to stem currency’s fall

Japanese banknotes

The yen strengthened sharply against the dollar after falling to a 34-year low on April 29, prompting speculation that Japanese authorities had intervened in the foreign exchange market. If so, this would be the first time they have done so since October 2022.

The yen reached 155 to the dollar in the afternoon local time, after hitting 160 in the morning, the lowest level since 1990. The yen was trading around 156.7 to the dollar at 3pm Japan time today (April 30), having lost more than 10% of

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