In New York, the dollar dropped as much as 3% to 155.5 yen, its biggest one-day fall since late December 2024, after Finance Minister Satsuki Katayama signalled “decisive” action.
Two sources said officials bought yen after it hit its weakest level against the dollar since July 2024; it later traded down 2.34% at 156.55, while the dollar index fell 0.70%.
Oil retreated from four-year highs, with Brent down 3.34% to $114.09, as investors weighed the Middle East war; the euro and sterling also rose after the ECB and Bank of England held rates.
Japan spent billions defending the yen. Was this a powerful warning or a futile gesture against market forces?
With oil prices soaring from the Iran conflict, can this intervention truly shield Japan's vulnerable economy?