[ING: Japan May Have Intervened in Yen Exchange Rate] ING analyst Francisco Pesole points out that Japanese authorities may have intervened in the yen exchange rate on Thursday and may take further action on Friday amid tightening liquidity due to the US holiday. He stated that the dollar/yen exchange rate fell in early trading on Thursday, even before weak US non-farm payroll data pushed it below 161.00. "We cannot rule out that this initial decline was driven by foreign exchange intervention," he said, adding that although the yen has recovered somewhat, further intervention remains a risk. Japan tends to intervene around holidays and spread out operations over multiple days. He noted that taking action after the dollar is negatively impacted by events also aligns with Japan's 2024 strategy.
