© Dukascopy
|
"Once the yen started printing new highs, the chance of intervention was there"
- Vassili Serebriakov, a currency strategist at Wells Fargo & Co.
The nation's currency plunged the most since 2008 versus the greenback after Japan intervened in the foreign exchange market on Monday. Finance Minister Jun Azumi declined to comment on the size of the intervention.
"Once the yen started printing new highs, the chance of intervention was there," said Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York. "There's some broader dollar support from this Japanese intervention."
Japanese stocks fell on Monday after companies from Mitsui O.S.K. Lines Ltd. to Fujifilm Holdings Corp. reduced growth forecasts. The Nikkei 225 lost 0.69%, or 62.08 points, to 8,988.39, while the broader Topix decreased 0.96%, or 7.37 points, to 764.06.