Japan’s Finance Ministry declines to comment on the Yen's sudden spike
When asked about the sudden spike in the Japanese Yen (JPY), Japan’s Finance Ministry declined to comment, per Reuters.
In the last hours, JPY has experienced unexpected bouts of strong buying, leaving USD/JPY volatile between 161.00 and 162.00 levels.
Traders stay to the prospect of intervention from Japan to prop up its stubbornly weak currency from 40-year lows against the US Dollar (USD), while weighing a possible new approach to Yen-buying from Japanese officials.
Additionally, Japan's top currency diplomat Atsushi Mimura has stated that he won't comment on forex levels.
Market reaction
At the press time, USD/JPY is losing 0.82% on the day at 161.22.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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