Yen Surges on Suspected Rate Check

2026-09-02 23:36 By Jam Kaimo Samonte 1 min. read

The Japanese yen appreciated toward 157 per dollar on Thursday, rallying for the second straight session on speculation that authorities had conducted a rate check, where officials would contact banks to check on exchange rates and signal the possibility of intervention.

The recent moves also kept markets on high alert for any signs that authorities could step in again to support the Japanese currency.

The yen sank to 40-year lows in late July amid wide interest rate differentials, growing fiscal concerns and elevated energy and import costs, shortly before Tokyo and Washington conducted a joint yen-buying operation.

Meanwhile, BOJ board member Hajime Takata raised the possibility of outsized or back-to-back rate hikes to contain rising inflationary pressures.

Governor Kazuo Ueda also said that policymakers need to pay greater attention to upside price risks when conducting monetary policy, signaling that a rate hike is likely later this month.



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