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The Japanese Yen rose to 158.93 against the US Dollar, a new high for the month, after joint intervention by Japan and the United States failed to prevent the Yen from weakening.
The Japanese Yen (JPY) rose to 158.93 against the US Dollar (USD) on Monday, reaching a new high for the month, after Japan and the United States jointly conducted their first coordinated intervention since 1998. The Japanese Ministry of Finance purchased approximately $88 billion worth of JPY through the Bank of Japan (BOJ), while the New York Fed also sold Euros and bought JPY. However, the market has recovered about a quarter of its losses. Additionally, Japan's current account recorded a deficit of 92.3 billion JPY (approximately $580.7 million) in June, the first in 17 months. Bitcoin is currently trading at $64,038, falling below the $65,000 mark, as the risk of unwinding carry trades potentially triggered by a weaker JPY weighs on the crypto market.
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