TOKYO – The yen surged by 2 per cent against the US dollar, marking its biggest jump since Japanese officials intervened in the market earlier in 2026.
The currency sharply advanced as much as 2 per cent versus the dollar to 160.11 as 9.55am on July 30 in New York, spurring speculation that officials may once again be propping up the yen.
It marks the largest intraday gain for the yen since April and comes as the currency has recently slid to its weakest level in four decades.
The currency has remained under pressure even after a record 11.73 trillion yen (S$93.8 billion) intervention by the authorities from April 28 to May 27 to support the yen after it first slid past 160 per dollar.
Japan likely drew on its holdings of foreign securities, including US Treasuries, to finance the recent intervention, according to finance ministry reserve data. BLOOMBERG
