Yen heads for its best weekly performance in more than a year

Yen is heading towards recording its best weekly performance in more than a year today, Friday, supported by what is believed to be intervention by Tokyo this week to keep the Japanese currency away from its lowest levels in 34 years, which pushed the dollar to decline in general.

The yen rose to its highest level during the session at 152.75 to the dollar in Asian trading, and it is expected to rise 3.5% during the week, in the largest weekly increase since December 2022. The Japanese currency rose 0.4% in the latest trading to 152.97 to the dollar, according to “Reuters.”

Traders are awaiting any further huge fluctuations that the yen may witness following suspicions that Tokyo intervened to support its currency this week by up to 9.16 trillion yen ($59.8 billion), as data from the Bank of Japan indicate.