NY foreign exchange market = yen, high price intervention observation spreads for the first time in 4 weeks

July 13, 2024 6:04 AM GMT+9 (some excerpts)

In the New York foreign exchange market, yen hit a high against the dollar for the first time in about 4 weeks. Views spread in the market that there may have been dollar sales/yen buying intervention by the government and the Bank of Japan for 2 consecutive days.
The yen exchange rate soared in response to the announcement of the US Consumer Price Index (CPI) in June, which suggests calming inflation, on the 11th. After the June US Wholesale Price Index (PPI, goods and services for final demand) was announced on the 12th, the rapid appreciation of the yen and depreciation of the dollar progressed.
The US PPI for June rose 0.2% from the previous month (seasonally adjusted) and slightly exceeded market expectations (0.1% increase). However, the view that the US Federal Reserve (FRB) will begin cutting interest rates in September did not change.