U.S. treasury warns traders as yen and won strengthen
U.S. treasury secretary Scott Bessent on Tuesday publicly warned traders not to bet against authorities after the yen strengthened sharply in September, saying "I am the house now." USD/JPY fell from near 164 in July to 153.53 last Friday after a joint U.S.-Japan intervention on Aug. 10, and the pair has dropped below its 50-day and 200-day moving averages with 152–150 the next test. The Korean won rallied from above 1,560 in June to 1,341, while several Asian currencies rose 0.5–2.5 percent and the Philippine peso has so far lagged.
U.S. and Japan actively defending the yen against speculators
Context
U.S. and Japan intervened after USD/JPY neared 164. The yen and won then strengthened and key technical levels were broken. Markets may test 152 to 150 and regional currencies could broaden the rally.
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