Yen Jumps Most Since August as Risk of Intervention Ramps Up

The moves reversed what had been a steady slide toward levels last seen in 2024, when Japan stepped in to buy the currency. The jump in the US session came as traders reported that the Federal Reserve Bank of New York had called financial institutions to ask about the yen’s exchange rate. Wall Street saw it as an indication that the bank was preparing to assist Japanese officials to intervene directly in the currency market to prop up the yen.