Yen extends gains as dollar pressure mounts
The yen gained on Monday amid broad weakness in the dollar as traders remained on heightened alert over Japanese intervention to halt the currency’s recent slide.The Japanese currency gained 0.7% to ¥154.55 per dollar in early trading, extending Friday’s gain. Markets are on heightened alert regarding government intervention — possibly with U.S. assistance — as Prime Minister Sanae Takaichi warned of action on abnormal moves."Most efforts to support their currency will only cause long-term rates to rise further,” Matt Maley, chief market strategist at Miller Tabak, wrote in a note about the yen. "Thus, they seem to be between a rock and a hard place right now.”
