Japanese Yen Fell To 1990 Low Against Dollar But Bounced Back; Did Bank Of Japan Intervene?

The yen rebounded on Monday from a 34-year low against the dollar after what some traders speculate could have been the first intervention by Japanese authorities to support the weakening currency since late 2022. Meanwhile, US shares pushed higher as last week's tech rally continued, led by Tesla after its founder Elon Musk won key security clearances during a trip to China. In Asia, the yen sank to 160.17 to the dollar in choppy but thin holiday trading, before suddenly bouncing back as high as 154.54. A few years ago, it took closer to 100 yen to make a U.S. dollar. The yen has been so weak that it's back to where it was in 1990, shortly after Japan's famous "bubble economy" burst.
Experts say that The yen's initial drop "was met by a wave of dollar sellers,". It's unclear whether the BoJ (Bank of Japan) has intervened directly or not, but the dollar tumbled down on Tuesday morning. The Japanese currency had come under pressure again after the Bank of Japan refused to tighten monetary policy further at its meeting last week.

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