The Japanese yen started the week at 34-year lows against the U.S. dollar but the currency is now staring at its best week in over a year on Friday.
The yen touched 160.03 against the greenback on Monday, for the first time since 1990, but strengthened to 156 levels later that day amid speculation about an intervention by Japanese authorities.
On Wednesday, the currency strengthened by more than 2% to trade near 153 against the dollar, which is also likely to have been caused by an intervention, according to some market analysts. The yen had also been hit by the continued strength in the dollar amid watered down expectations for early interest rate cuts by theIn the last few decades, while other global central banks have tightened their policies, Japan had maintained its ultra-loose policy, leading to concentrated carry trades in the Japanese yen.
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