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Volatile yen draws intervention watch, other currencies subdued
SINGAPORE: Currency markets focused on the yen on Monday following a sharp drop last week that spurred speculation of a rate check from Tokyo, while investors pondered interest-rate outlooks after a wave of hikes from major central banks last week. The yen was a touch firmer at 156.64 per US dollar after dropping 2% last week. Japan markets were closed for a three-day holiday, leading to low liquidity while keeping traders on alert for an official intervention to prop up the volatile currency. The Bank of Japan raised rates on Friday to their highest level in 31 years to 1.25%, yet the wide...
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