Talk about Japan’s market action has dominated trader discussions in recent days, with many seeing the 160 level as a trigger point for currency officials. | Reuters

Sharp moves in the Japanese yen that sent the currency to a 10-week high renewed speculation that the country is intervening in the market.

The yen surged about 1.8% in the span of half an hour during the afternoon of the Asia session and topped 155.04 per dollar on Wednesday. The currency later pared some of the advance, and was wrapping the session late afternoon in New York at around 156.40.

Japan’s markets were shut for a holiday on Wednesday, but analysts said the currency’s jump wasn’t due to thin liquidity. The Finance Ministry did not immediately respond to a request for comment outside regular working hours.

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