Japanese Yen Edges Up Against U.S. Dollar
Japan's currency leaped nearly 4 yen, settling in the lower 154 territory against the greenback when Monday trading commenced—a sharp jump from approximately 158.4 recorded at the Tokyo foreign exchange market's close on Jan. 23.
Tokyo officials refused to address the currency's sudden strength. However, Nikkei Asia and additional news organizations reported the New York Federal Reserve executed a "rate check" with leading financial institutions last Friday, according to individuals with knowledge of the matter.
According to Nikkei Asia, rate checks occur when monetary authorities survey financial institutions about pricing they would offer should intervention take place. The publication emphasized that while this action falls short of genuine intervention, it transmits a more forceful message than mere public statements regarding currency values.
The development pointed toward potential U.S.-Japan coordination aimed at preventing further yen depreciation, the report indicated.
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