Japanese Yen Strengthens Amid Intervention Concerns

The Japanese yen showed strength against most G10 and Asian currencies in early trading, driven by concerns over potential intervention by Japanese authorities. According to Jin10, DBS Bank's forex strategist Philip Wee highlighted that Japan's Finance Minister, Katsunobu Kato, and top forex official, Junichi Mimura, have reiterated their close monitoring of the yen's excessive depreciation. Wee noted that their statements have kept market worries about forex intervention alive. He added that profit-taking led to the USD/JPY pair declining by about 1% for the second consecutive day overnight, following a 0 source: https://www.binance.com/en/square/post/290349828317217?utm_source=BinanceNewsRSS