Forex News: Yen Rises After U.S.-Japan Confirms Joint Intervention

Yen Rises After U.S.-Japan Confirms Joint Intervention

(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Monday, amid rumors that Japanese officials may have stepped in to support the currency once more following synchronized action between the U.S. and Japan last week.

Earlier today, Japan's Finance Minister Satsuki Katayama said that Japanese authorities coordinated a Yen-buying intervention with the United States (US) on Friday and that they would not think twice about engaging in additional foreign exchange intervention with Washington.

Katayama also stated that she would not comment on whether foreign currency (FX) intervention occurred today.

A rare bilateral move to stop the JPY's decline to new 40-year lows was verified by Katayama.

According to U.S. Treasury Secretary Scott Bessent, Friday's synchronized foreign exchange actions reduced erratic fluctuations in the Japanese yen (JPY). According to Bessent, the Treasury will continue to be watchful and communicate closely with its counterparts at the Bank of Japan (BoJ) and the Ministry of Finance (MoF).

In the Asian trading today, the yen rose to nearly a 9-month high of 179.37 against the euro and nearly a 5-month high of 209.57 against the pound, from Friday's closing quotes of 181.67 and 212.45, respectively. If the yen extends its uptrend, it is likely to find resistance around 178.00 against the euro and 207.00 against the pound.

Against the U.S. dollar and the Swiss franc, the yen advanced to nearly a 3-month high of 155.23 and nearly an 8-month high of 192.65 from last week's closing quotes of 157.58 and 195.14, respectively. The yen is likely to find resistance around 152.00 against the greenback and 190.00 against the franc.

Against Australia, the New Zealand and the Canadian dollars, the yen climbed to more than a 4-month high of 109.38, a 1-month high of 91.68 and an 8-month high of 110.84 from Friday's closing quotes of 110.67, 92.59 and 112.40, respectively. On the upside, 108.00 against the aussie, 90.00 against the kiwi and 110.00 against the loonie are seen as the next resistance levels for the yen.

Looking ahead, PMI reports from major European economies and the U.K. for July are due to be released in the European session.

In the New York session, U.S. S&P Global manufacturing PMI for July and U.S. construction spending for June are slated for release.

Canadian markets are closed in observance of Civic holiday.

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