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Updated · Bloomberg · May 12Yen Jumps 0.3% to 156.78, Then Retreats During Bessent's Japan Visit
6 articles · Updated · Bloomberg · May 12
- The yen briefly strengthened to 156.78 per dollar in Tokyo trading on Tuesday before giving back part of the move.
- By 3:56 p.m. in Tokyo, the Japanese currency was still up 0.2% on the day at 157.50 against the dollar.
- The sharp intraday swing came during U.S. Treasury Secretary Scott Bessent's visit to Japan, putting currency moves in focus.
- The action left the yen stronger overall on the session, but off its peak after an abrupt afternoon surge.
What is the unspoken trade-off behind Japan’s $550 billion investment pledge to the US amid its currency crisis? Can Japan's multi-billion dollar interventions save the yen while its interest rates remain far below America's?