The dollar price reportedly plummeted versus the trading price of the Japanese yen in the latest trading sessions. As per the report, the trading price of the yen gained momentum in the Friday session.
USD Falls to Two-Month Low
The forex market shows that the trading price of the USD has experienced a two-month low against the Japanese yen.
According to many analysts and market gurus, it may be due to the authorities in Japan that may be causing the price of the JPY to surge.
It is being claimed that the authorities are now intervening and they are trying hard to push the trading price of the Japanese yen versus the dollar.
This is an attempt by the Japanese authorities to uplift the price of the battered yen.
Yen Rose Higher
On the Friday trading session, the trading price of the Japanese yen managed to rise to a high of 144.5 versus the USD.
It could be seen from the price chart that on Friday, its value started from 144.5. However, the midday trading session on Friday showed that the value of the yen had risen to 148.195.
It reportedly grew to a higher level after experiencing a 1.4% surge in value. This was the highest trading price that the Japanese yen had hit since August 10.
Comments by Karl Schamotta
The chief market strategist at Corpay, Karl Schamotta shared his thoughts on the recent price movement of the Japanese yen.
He stated that as per his knowledge and understanding of the forex market, he thinks it is an intervention attempted by the Japanese authorities.
He stated that in the recent trading sessions, they are witnessing a great selling of the US dollar. As there is a great selling of the USD, it has caused the trading price of the yen to recover significantly.
He added that compared to other currencies, the value of the Japanese yen has recorded a vertical movement. This is something that is quite surprising and dramatic at the same time.
Claim by Nikkei Newspaper
On Saturday, the Nikkei newspaper made a claim about the government of Japan as well as the Bank of Japan (BoJ).
The e Nikkei newspaper claimed that both entities were involved in buying the yen while they aggressively sold the dollar.
This is what has caused the trading price of the USD to slide while the trading price of the JPY has surged significantly.
No Comments by the Japanese Authorities
While many authentic and credible sources are claiming the involvement of the Japanese authorities, the Ministry of Finance of Japan has made no comment.
This could indicate that the Ministry may be working on a strategy or a comment on the matter before it releases a statement.