Japanese yen rises on US jobs data

The US dollar experienced a significant decline against the Japanese yen following the release of a weaker-than-expected US jobs report. It fell by 1.1% to 156.68 yen before trading at 157.16 yen, moving away from its 40-year high of 163.99 yen in July. The weak employment data reduced expectations of a US interest rate hike, while analysts indicated that the joint intervention by Japan and the United States to purchase yen might be behind the dollar's decline. This comes after days of coordinated efforts to support the Japanese currency, which has been suffering from ongoing weakness. Japan’s Finance Minister confirmed that the two countries are in close communication and that they will not hesitate to intervene if necessary.

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