Yen eases to 157.72 after US-Japan intervention lifts it 5%
What's new: traders are watching the 155-per-dollar level after Tokyo confirmed rare coordinated buying with Washington.
The yen weakened 0.3% to 157.72 per US dollar on Tuesday, giving back part of a sharp rally but holding most of the gains from last week’s coordinated intervention by Japan and the United States. The currency had climbed as much as 5% over the previous three sessions and hit a three-month high of 155.20 on Monday, well above July’s 40-year low of 163.99. Japan confirmed joint yen-buying action on Friday, an unusual step that left speculators wary of rebuilding bearish positions. Analysts said 155 could become a key line for dollar-yen trading, while Citi estimated roughly $27 billion in USD/JPY volume in an early Monday window, far above recent averages of $1.9 billion.