Dollar Briefly Tops 160 Yen in Asian Trading

Sydney/Singapore/Tokyo, April 29 (Jiji Press)–The dollar swung up and down wildly against the yen in thin Asian trading Monday, briefly jumping above 160 yen for the first time since April 1990 before diving below 155 yen.

While there appeared to be no particular fresh trading factors, currency trading was thinned by a national holiday in Japan on Monday and that made it easier for exchange rates to fluctuate wildly, market sources said.

It is unknown whether the day’s sharp rebound of the yen was a result of a currency market intervention by the Japanese government and the Bank of Japan.

Speaking to reporters in Tokyo, Japanese Vice Finance Minister for International Affairs Masato Kanda said: “We cannot say whether an intervention was carried out. We hope to continue to respond appropriately as needed.”

A major Japanese bank official said, “Considering the size of the yen’s rise, chances are high that an intervention took place.” Meanwhile, some others said there may have been purchases of the yen aimed at prompting Japanese authorities to step into the market amid thin trading.

[Copyright The Jiji Press, Ltd.]