Yen strengthens sharply, triggering speculation of intervention

Japanese currency had fallen past 160 per dollar before rebounding

20240429N Yen sharp fall

The yen's sharp rise after depreciating past 160 to the dollar spurred speculation that the Japanese government and Bank of Japan had intervened in the foreign exchange market. © Kyodo

Nikkei staff writers

TOKYO -- The Japanese yen rose sharply after briefly depreciating past 160 against the U.S. dollar on Monday morning for a fresh 34-year low against the greenback.

At one point, the currency rebounded to strengthen by 5 yen against the greenback. The yen was trading at 156.40 as of 10 p.m. here.

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