The yen rose 1.1% against the dollar after weaker-than-expected US payrolls data, fueling speculation that authorities could intervene again in the Japanese currency market. The currency hit a session high of 156.68 per dollar before retreating to around 157.32. The Bank of Japan left interest rates unchanged last week, but markets now price roughly 60% odds of a rate hike by September. Combined interventions on July 30 and 31 used an estimated $87 billion to support the yen, with US and Japanese officials warning they remain determined to defend the currency if needed.
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