Yen Surge Sparks Intervention Talk After Drop to 160 per Dollar [BNN Bloomberg (Canada)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
smfg.co.jp/english/investor
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Source: BNN Bloomberg
The yen rallied to as strong as 155.06 per dollar in Asian trading after earlier sliding to 160.17, the weakest level since 1990. The sudden turnaround took place amid thin liquidity due to a local public holiday in Japan. Japan's top currency official Masato Kanda said he had “no comment for now,” when asked by reporters whether or not the authorities intervened. Here's what analysts and strategists had to say: Tony Sycamore, market analyst at IG Australia in Melbourne: “The move has all the hallmarks of an actual Bank of Japan intervention, and what better time to do it” than a Japanese public holiday “which means lower liquidity in USD/JPY, and more bang for the BOJ's buck.” Takahide Kiuchi, executive economist at the Nomura Research Institute: “A yen appreciation of about 4 yen within an hour is unlikely to occur in normal trading.“ Crossing the 160 yen per dollar milestone may have served as a factor for persuading the US authorities, who have been reluctant to condo
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- Yen Escapes Intervention Zone Helped by Decline in US Yields [Yahoo! Finance Canada]Yahoo! Finance Canada
- Yen Escapes Intervention Zone Helped by Decline in US Yields [Yahoo! Finance]Yahoo! Finance
- Yen Escapes Intervention Zone Helped by Decline in US Yields [BNN Bloomberg (Canada)]BNN Bloomberg
- Japan's economy contracts in first quarter [CNN]CNN
- Japan's economy contracts in first quarter [CNN]CNN
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