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Sudden Surge in Japanese Yen Raises BoJ Intervention Suspicions
A sudden surge in the value of the Japanese Yen suggests the possibility that the Bank of Japan has intervened in the market to defend the currency which has been steadily falling in value against the Dollar. The Dollar to Yen exchange rate suddenly slumped by nearly 2.0% in morning U.S. trade to 147.312 having earlier hit a fresh one-year high at 150.16, a level considered a "line in the sand" for authorities in Japan who have been growing increasingly uncomfortable with JPY's devaluation. Other Japanese crosses reacted accordingly with the Pound to Yen rate sliding to 178.62 from the day's high at 181.37. That the ... (full story)