The yen strengthened sharply against the dollar on Tuesday, leading some market participants to believe Japanese policymakers had intervened to support the currency, although others said the size of the move was not convincing enough.
Traders have been on watch for weeks for a possible intervention by Japanese officials to combat a sustained depreciation in the yen.
Tuesday’s move saw the dollar break above the 150 level for the first time since October 2022, before tumbling to a low of 147.30 as the yen surged.
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