The yen weakened Monday despite signs that Japan has ramped up its defense of the currency with a second likely intervention in as many sessions.
The currency whipsawed early in the day, surging to as much as ¥145.56 per dollar before weakening once more to around the ¥149 level. On Friday, it soared the most against the greenback since March 2020 amid reports officials intervened again to prop up the currency.
The sharp moves suggest authorities have taken the gloves off in their battle against traders amplifying yen weakness fueled by the policy divergence between the U.S. and Japan. The Bank of Japan meets later this week and its decision is likely to be another key catalyst for the embattled currency.