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Stealth Intervention Talk Permeates Market as Yen Approaches 150
The yen carried on its seemingly inevitable march toward 150 per dollar, as traders scoured intraday moves for evidence of stealth intervention from Japan. Twice in under a week investors have seen sudden bursts of yen strength as it edged to fresh lows, spurring speculation that officials are subtly intervening to support the currency. The yen traded around the 149.20 level Wednesday, after weakening to 149.38 on Tuesday in a volatile session which included such a spike. “The move seems to have been driven off of electronic flows rather than ‘voice’ driven flows which points to ‘stealth’ intervention,” ... (full story)