FOREX-Japan's yen jumps 5 yen against dollar on suspected intervention [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
trading on Monday, with traders citing heavy dollar-selling intervention by Japanese banks after the currency fell to fresh 34-year lows earlier in the day. The dollar fell as far as 155.25 yen in two sudden moves that took it from 160.245 to around 158 and subsequently even lower. The yen was at 155.86 by 0500 GMT, up 1.6% in trading thinned by a Golden Week holiday in Japan. "The sudden, sharp drop in dollar-yen passes the duck test. If it looks like a duck, swims like a duck, then it probably is a duck. Looks and smells like intervention," said Sim Moh Siong, currency strategist at Bank of Singapore. Markets had been on guard for any intervention by Japanese authorities to contain the yen's nearly 11% fall this year. The Commodity Futures Trading Commission's weekly commitments of traders report showed that non-commercial traders, a category that includes speculative trades and hedge funds, had increased their yen short positions to 179,919 contracts in the week ended Apr
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