The yen-buying intervention by the domestic currency authorities pushed the dollar/yen down to the 155 yen level temporarily.
【4/30Market overview
During Tokyo time, USD/JPY rose toward the end of the month5・10and the day (GOTŌ day). Following reports that US military commanders were presenting President Trump with new options for actions against Iran, crude oil futures prices surged sharply and temporarily160.72yen. In European trading, as Finance Minister Katayama said that the time to take decisive action was drawing near and to warn against yen weakness, the USD/JPY broke through160yen and fell to159.81yen. Finance Director Mimura stated that the time to take decisive action was near and warned against FX, calling for last-resort guidance, strongly curbing the recent yen weakness, and ongoing yen buying dominated. Additionally, yen buying suspected to be from intervention continued intermittently, with USD/JPY temporarily155.56yen. In NY time, USD/JPY hovered around the low 157s, but the bounce was weak, slipping to157yen level, then156yen level. Subsequently, volatility waned, and the pair traded in a range from the mid- to high-156s.
【5/1Market view