22 Jul 2024

The Japanese Yen is up against the US dollar to its strongest level since mid-June.

The USD-JPY currency pair is down over 3% since Thursday after hitting a 38-year high following another round of intervention by Japan’s Ministry of Finance. Japanese authorities reportedly spent $22 billion on Thursday and Friday to prop up the yen, according to Bloomberg. This comes after Japan spent a record $62 billion to support the currency between April 26th and May 29th. Over the last 12 months, the Yen has declined by ~12% and has been the worst-performing currency of G10. Source: The Kobeissi Letter

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