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Yen Surges Overnight; BOJ Conducts Rate Check
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According to Nikkei News, the Japanese yen experienced a sharp surge in the foreign exchange market from late night on September 18 to early morning on September 19 Japan time, briefly rising to the upper range of 156 yen per U.S. dollar. The Bank of Japan (BOJ) conducted a 'rate check,' a process in which it queries market participants about prevailing exchange rate levels. Rate checks are widely considered a preparatory step for potential foreign exchange intervention. This action has heightened market vigilance over the possibility of the Japanese government and the central bank conducting buy-yen/sell-dollar interventions to support the currency.
Source report
Jin10 Data, September 18 — According to Nikkei News, the Japanese yen experienced a sharp surge in the foreign exchange market from late night on September 18 to early morning on September 19 Japan time, briefly climbing to the upper range of 156 yen per U.S. dollar.
The Bank of Japan (BOJ) conducted a "rate check," during which it queried market participants about prevailing exchange rate levels. Rate checks are widely regarded as a preparatory step for foreign exchange intervention, increasing market vigilance over potential buy-yen/sell-dollar interventions by the Japanese government and the central bank.
Source
金十数据Regional
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Bank of Japan rate check triggers yen surge, raising intervention vigilance