Japanese yen declines despite continued fears of state intervention

On Tuesday, the yen continued its decline against the dollar, influenced by interest rate differentials despite warnings from Japanese officials following suspected interventions triggered by substantial dollar selling last week.

The Australian dollar dipped 0.36 percent to $0.6601 USD from its recent peak of $0.6650 USD reached last Friday, matching its level from March 8.

Meanwhile, the US dollar strengthened by 0.44 percent to reach 154.5635 Japanese yen, extending its gains from Monday’s 0.58 percent rise.

Last Friday, the yen dropped to 151.86 yen, its lowest since April 10, especially after lower-than-expected US monthly job data exacerbated losses. Bank of Japan data hinted at possible official intervention amounting to about nine trillion yen ($58.37 billion).

The dollar index, gauging the US currency against six major counterparts, nudged up by 0.04 percent to 105.19, recovering from Friday’s dip to 104.52.

Meanwhile, the euro stabilized at $1.07655, while the British pound edged down 0.07 percent to $1.2552.