Citigroup and Barclays strategists said yen appreciation could strengthen Asian currencies with high yen correlation, naming the South Korean won, Singapore dollar and Thai baht as the most likely beneficiaries. Japan and the United States previously intervened in FX markets to support the yen after it fell to multidecade lows. As of Monday the yen had risen over 4% vs the dollar in the past three trading days; the won, baht and Philippine peso each gained at least 0.7% over the same period. Bar

Citigroup and Barclays strategists said yen appreciation could strengthen Asian currencies with high yen correlation, naming the South Korean won, Singapore dollar and Thai baht as the most likely beneficiaries. Japan and the United States previously intervened in FX markets to support the yen after it fell to multidecade lows. As of Monday the yen had risen over 4% vs the dollar in the past three trading days; the won, baht and Philippine peso each gained at least 0.7% over the same period. Barclays said recent USD/JPY intervention may have been coordinated and its spillovers to Asian FX could exceed historical correlations, potentially further lifting yen‑sensitive Asian currencies in the near term, particularly if the dollar weakens. Barclays also flagged that Fed chair Kevin Warsh’s relatively dovish press conference last week helped push the dollar lower, providing additional support for Asian currencies.