USD/JPY briefly rose above 161.90 before plunging to 161.20; bids then lifted it
back to 161.65. Japanese officials have repeatedly warned they are closely
monitoring the market. Last Friday produced the highest weekly close in 40
years, and the reported end of the Iran war appears not to have eased pressure.
Earlier gains broke June resistance at 161.80, but the July intraday high of
161.94 remains unbroken though under threat. With Japan's Ministry of Finance
under pressure, yen trading is likely to remain volatile.
