The Japanese yen hit its lowest level against the US dollar since 1990, with USD/JPY reaching a high of 151.97 before dropping to 151.60-70 levels. Despite verbal intervention from Japanese officials, the currency showed little impact.
However, the yen gained ground after a meeting was called with less than 15 minutes warning. USD/JPY fell to 151.15 before bouncing back to 151.40, but is now falling to 151.05 on the day. Meanwhile, major currencies remained steady with little changes noted.
The CHF/JPY also fell to its lowest levels for the year amid policy stance divergence. Equities and S&P 500 futures were up, looking to bounce back after a setback on Wall Street. Gold was up 0.8% to $2,196.53, poised for a potential breakthrough at $2,200 in March trading.
Overall, it was a mixed day for the currency markets with the Japanese yen seeing significant movement against the US dollar. Traders are closely watching the developments in the forex market as well as other financial indicators such as equities and gold prices. Stay tuned for more updates on Press Stories.
