USD/JPY trades sharply lower near the 159.50 area on Friday as the Japanese Yen (JPY) strengthens following intervention by Japanese authorities and a relatively hawkish Bank of Japan (BoJ) policy announcement.
Japan reportedly entered the foreign-exchange market to purchase Yen and sell US Dollars after USD/JPY in recent weeks climbed to multi-decade highs. The intervention triggered an abrupt decline in the pair, although price action remains extremely volatile as investors assess whether officials will continue defending the currency.
The BoJ left its short-term interest rate unchanged at 1.00%, as widely anticipated. The decision was…
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