Yen Drops from 2 Months High on Possible BOJ Intervention

Yen Drops from 2 Months High on Possible BOJ Intervention

The yen fell from a seven-week high on concern Japan will intervene to curb recent gains that may hurt the competitiveness of the nation?s exporters.

Japan?s currency also weakened versus the euro on speculation investors took advantage of the yen?s advance to a five-week high to sell it. The Australian dollar surged after the nation?s central bank said it will likely raise interest rates ?at some point.? The Dollar Index was near a one-week high before data that economists said will show U.S. job growth slowed in April. Oil headed for its biggest weekly decline in a year and Asian stocks slumped.

Source: Yen Drops from 2 Months High on Possible BOJ Intervention