Forex
Nikkei average plunges over 1,000 points on yen surge
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Japan's Nikkei 225 stock average tumbled more than 1,000 points early Monday amid a surge in the yen against the dollar, dipping below 53,000. The currency's strength has fueled speculation of foreign exchange intervention by Japanese and U.S. authorities, heightening market tensions.
The yen briefly surged in Asia trade, putting investors on high alert. The whipsaw trading followed Japan's likely spending of around ¥5.4 trillion ($34.5 billion) last week to support the yen. The Japan Times reported.
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The yen weakened to its lowest level since July 2024 amid spiking oil prices, potentially triggering intervention. Japanese government bonds and Tokyo stocks also declined.
Addis Fortune, Ethiopia's largest English weekly business news outlet, has published an article on small banks taking control of the forex situation. The piece focuses on Ethiopian business developments.
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Japanese retail investors are returning to buying the Turkish lira, a trade that has repeatedly burned them in the past. The currency has plunged more than 16% against the yen this year, becoming a hot bet among risk-hungry day traders. This trend is raising fears of a painful blowup that could spill over to other markets.