Currency authorities can either buy their home currency to strengthen it, or sell their home currency to weaken it. (Source photos by Nikkei)
HANA SLEVIN OHAMA, Nikkei staff writer |
TOKYO — The yen’s sharp appreciation Monday after crossing the 160 mark against the dollar has triggered speculation that Japanese authorities intervened in the market to shore up their home currency.
The yen has weakened in recent months, fueling concerns over the potential impact on import prices and inflation. But the Japanese currency strengthened to around 155 to the dollar Monday afternoon after reaching a fresh 34-year low earlier that day. It has since been trading around 156.
