Bank of Japan spent between $21.18bn-$22bn on buying the Japanese currency on Thursday
NEW YORK/LONDON - The yen hit an almost four-week high against the US dollar on Friday, raising speculation that Japanese authorities may have intervened for a second day to prop up the currency.
Daily operations data from the BOJ on Friday suggested the central bank had spent between 3.37 trillion and 3.57 trillion yen on buying the yen on Thursday, less than three months after its last foray into the market. Lou Brien, market strategist at DRW trading in Chicago, said: "You don't even have to come in big. You just have to make a few phone calls to make sure that it's well-known."
Tokyo intervened at the end of April and in early May, spending roughly 9.8 trillion yen to support the currency. There will be a month-end report from the ministry of finance that will confirm the amount spent on any intervention. Traders are now pricing in a 94pc chance of the Fed cutting rates in September, compared with 73pc before the CPI reading, the CME Group's FedWatch Tool showed.
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