Yen Buoyant After Intervention, Dollar Powers Ahead

Yen Buoyant After Intervention, Dollar Powers Ahead
Banknotes of Japanese yen are seen in this illustration picture taken on Sept. 22, 2022. Florence Lo/Illustration/Reuters
Reuters
Updated:

SINGAPORE—The yen was heading on Friday to its first weekly gain in more than a month after Japanese authorities intervened in markets to support the yen for the first time since 1998, while a towering dollar kept other currencies pinned near multi-year lows.

The yen was up about 0.1 percent at 142.22 per dollar in Asia, after a more than 1 percent rally in the previous session on news that Japan had bought yen to defend the battered currency, although trading was thin on Friday with the country’s markets closed for a public holiday.