Battered Yen Bounces Back – 30 March, 2022

The yen managed to bounce back on Wednesday as traders began doubting whether Japanese authorities would tolerate too much more weakness. The yen was up more than 1% to 121.32 per dollar but has lost 5% to the dollar this Month. Speculations about levels of discomfort with the falling yen were heightened after a meeting between Bank of Japan Governor Haruhiko Kuroda and Prime Minister Fumio Kishida. The euro was up 0.2% to $1.1111, edging back from a two week high of $1.137 and was at a three month high against the pound at 84.82 pence. The Aussie and the New Zealand dollar were firm just below recent peaks, with the Aussie at $0.7512 and kiwi at $0.6946.