USD/JPY Rises to 159.94 as Japanese Officials Warn FX Moves Too Fast

TechFlow, November 12 — According to a BeInCrypto report, USD/JPY rose to 159.94 in the early Tokyo session on Thursday, reaching its highest level in more than two months. The report attributed the move to elevated U.S. inflation data and rising market expectations for Federal Reserve rate hikes.

Atsushi Mimura, Deputy Vice Minister for International Affairs at Japan's Ministry of Finance, declined to comment on the current exchange rate level but said recent currency movements had been too fast. The report noted that markets are watching whether Japan will intervene again as the yen approaches the 160 mark.

Data from Japan's Ministry of Finance showed that Japan spent a total of 15.40 trillion yen on FX intervention on July 30, July 31, and August 3, bringing this year's total intervention to more than 27 trillion yen.

Source: TechFlow