The US Dollar (USD) took it on the chin on Monday during the
Asia-Pacific trading session.
Although still unconfirmed, markets are
speculating over the possibility that the Bank of Japan (BoJ) or its Ministry
of Finance intervened in the forex market to support a rapidly weakening
Japanese Yen (JPY).
The USD/JPY pair slid lower from 160.17 to 154.50, a more
than 3.50% appreciation of the Japanese Yen against the US Dollar.
This sharp
move had a ripple effect through the forex markets.
Dr. Kamaran Qader Yaqub,
Financial consultant at Investment Spot company.
