Yen Slides as Traders Turn Focus to BOJ From Intervention
- Japan likely intervened to drive yen sharply higher last week
- Economists see no change to BOJ policy in October meeting
A pedestrian walks past the Bank of Japan headquarters in Tokyo, Japan.
Photographer: Toru Hanai/BloombergThis article is for subscribers only.
Yen traders braced for another rocky week as chatter around Friday’s suspected intervention mixed with the likely impact of the Bank of Japan’s policy meeting -- the next key catalyst for the embattled currency.
The yen slid more than 1.3% to 149.65 per dollar after an intraday rally of nearly 4% on Friday to just above the 146 level. Japan likely spent more than $30 billion last week to support the currency, the Financial Times reported, citing estimates by traders.