The yen rallied to the strongest level in over two months on Wednesday, fueling speculation that Japanese officials might have intervened again after stepping in to prop up the currency on April 30.
Japan's currency rose as much as 1.8% to ¥155.04 per dollar in Asia trading, its strongest level since Feb. 24.
The move came after the government intervened in the currency market in late April for the first time since 2024, causing the yen to jump as much as 3% in intraday trading. While Japanese officials have declined to comment directly on whether authorities intervened, people familiar with the matter have said it took place and analysis of Bank of Japan (BOJ) accounts indicates that it likely spent around $34.5 billion.
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