USD/JPY briefly approached the 2024 high before swiftly retreating

Odaily Planet Daily News: USD/JPY briefly rose above 161.90, then sharply fell to 161.20. However, this decline has attracted buying support, with the exchange rate quickly recovering to 161.65. Japanese officials have repeatedly issued warnings, stating they are closely monitoring market movements.

Last Friday, USD/JPY recorded its highest weekly closing level in 40 years, yet the end of the Iran war does not appear to have provided any relief. Today's earlier rise broke through the June high of 161.80, but the intraday high of 161.94 from July 2024 remains unbroken (albeit precariously). As the Ministry of Finance faces a test, yen trading is set to enter a period of uncertainty. (Jin Shi)