Singapore, May 4 (Jiji Press)–The dollar moved wildly against the yen in Asian trading Monday, swayed by speculation that Japan may carry out an additional intervention to prop up its currency. The dollar fell from over 157 yen to below 156 yen in a very short period Monday afternoon Japan time, while the Tokyo market was closed for a national holiday during the country’s Golden Week period. Responding to reporters Monday during her visit to Uzbekistan to attend international meetings, Japanese Finance Minister Satsuki Katayama declined to comment on whether Tokyo has conducted a yen-buying intervention again. “Our stance is very clear,” she said, when asked whether there has been any change in her readiness to take decisive measures on the foreign exchange market. Until the sudden drop, the dollar was trading above 157 yen, little changed from late hours in New York on Friday. Soon after the plunge, the dollar returned to levels above 156.50 yen. When Japan intervened on Thursday, the dollar dropped to around 155.50 yen from above 160.50 yen. END [Copyright The Jiji Press, Ltd.]
Dollar Swings Wildly against Yen amid Intervention Jitters
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