Yen Bets Climb to Six-Year High Amid Intervention Chatter
- Japan’s top currency official has jawboned the currency market
- It exceeds levels seen before interventions in September 2022
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Traders have piled into hedges against further declines in the Japanese currency and potential intervention by authorities in Tokyo, with open interest for near-dated yen futures contracts hitting a six-year high.
Open interest eclipsed levels seen prior to a series of interventions that took place in late 2022, according to data for Tuesday’s close. With the yen sliding past 150 to the dollar and in danger of slumping to levels last seen in 1990, the nation’s top foreign exchange official said on Wednesday that authorities remain ready to take appropriate steps if needed.