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Financial markets remain in overdrive during August, with currency support for the yen, potential Iran-Oman Strait of Hormuz negotiations, and crucial U.S. inflation data all poised to move global asset prices in the coming week.
Japan's yen briefly surged past 158 against the US dollar in late trading Thursday, sparking market speculation that Tokyo authorities may have stepped in to support the currency amid concerns over proposed fiscal stimulus measures.
The US dollar surged to a 39-year high near 163 yen Wednesday despite Japan's warning of potential intervention, as Middle East tensions and rising oil prices triggered safe-haven buying and speculation about US rate hikes.
Japan's finance minister warned the government remains prepared to intervene in currency markets as the yen struggles. Tokyo and Washington are in close contact on foreign exchange policy, with the yen climbing from 40-year lows this week.
The US dollar slumped to its weakest level in three months following disappointing June employment data that has dimmed prospects for imminent Federal Reserve interest rate increases, providing relief to embattled regional currencies including the Japanese yen.