Japanese authorities intervened in the currency market again Friday during New York trading to stem the yen's slide against the U.S. dollar, following its first such attempt in 24 years last month, sources close to the matter said Saturday.
The country's currency surged within hours Friday in New York, with the rapid swing fueling speculation that Japanese authorities intervened for the second time.
But market participants say such efforts will only help slow the pace of the yen's slide and do little to reverse its weakening trend as long as a gap between U.S. and Japanese interest rates is expected to widen.