Yen Surges To 146 vs U.S. Dollar As BOJ Intervenes

The value of the Japanese yen against the US dollar suddenly surged by some 5 yen to the 146 range on Friday, Oct. 21, 2022, in New York after hitting a fresh 32-year low in Tokyo, Kyodo News reported.

Photo Insert: The yen had fallen to a fresh 32-year low of 150.48 in Tokyo on Friday and then reached the upper 151 level in London.

The yen was traded at 151.75-85 to the dollar at 8:30 a.m. but suddenly advanced to the 146 zone later, with the rapid swing fueling speculation that Japanese authorities conducted another yen-buying, dollar-selling market intervention.

On Saturday in Tokyo, Japan's top currency diplomat Masato Kanda kept silent on whether Tokyo had made such an intervention following one last month, telling reporters, "I cannot comment on it."

The yen had fallen to a fresh 32-year low of 150.48 in Tokyo on Friday and then reached the upper 151 level in London.

In September, Japan conducted a record 2.84 trillion yen ($19 billion) yen-buying, dollar-selling intervention to support the country's sagging currency, Mainichi Shimbun also reported.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic