Yen Surges 2% in Minutes With Traders Edgy on Intervention Risk
Another suspected intervention by Japanese authorities to support the yen, this time in late New York trading, ran into resistance from traders keen to keep selling the currency.
Another suspected intervention by Japanese authorities to support the yen, this time in late New York trading, ran into resistance from traders keen to keep selling the currency.
Olam Agri Holdings Ltd. sweetened its offer for Australia’s Namoi Cotton Ltd., topping a proposal from rival Louis Dreyfus Co. and heating up a bidding war between two top agricultural commodities traders.
For currency traders in Japan the long weekend starting Friday won’t be much of a break as the market stays on high alert for official action after two suspected interventions this week.
A former Hong Kong-based Societe Generale SA trader claimed he was fired and said the French lender should share blame for failing to detect his risky bets.
Most Asian equities rose after Federal Reserve chair Jerome Powell downplayed the prospect of further interest-rate hikes. The yen resumed losses after a sudden jump late in the previous session that hinted at intervention.
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