πΉ Volatile Yen Under Watch After Sharp Drop
Currency markets are currently zeroed in on the Japanese yen following a significant drop last week, sparking talks of intervention from Tokyo. Investors are also assessing interest rate futures after major central banks implemented a series of hikes recently. The yen stabilized slightly at 156.64 per US dollar after falling 2% last week. Despite the Bank of Japan raising rates to 1.25% on Friday, the market remains alert for official currency support. This uncertainty leaves USD/JPY free to drift amid the wide rate gap between Japan and the US. π§