Market Highlight 13.11.2026

USD/JPY rose back above the 160 level on Thursday evening for the first time since September, raising the possibility of intervention by the Japanese Government. Several Japanese policymakers said recent moves in the JPY had been “too rapid” and reminded markets of foreign exchange intervention a few months earlier, when the currency weakened to a 40-year low of nearly 164 per USD. Japan purchased a total of 15,399 trillion yen, equivalent to 97,16 billion USD, during its intervention in July and August. On 30/7 alone, Tokyo spent a record nearly 50 billion USD to support the yen, highlighting its willingness to intervene aggressively, including the rare possibility of coordinated action with the U.S.

The JPY has recently regained some of its traditional appeal as a safe-haven asset during periods of volatility in global equity markets. However, pressure on the currency remains, largely due to the significant interest-rate differential between the U.S and Japan. The Bank of Japan’s (BOJ) policy rate stands at 1,25%, more than 2,5 percentage points below the Federal Reserve’s (FED) policy rate. BOJ Governor Kazuo Ueda has left the door open to further rate hikes after the Central Bank kept rates unchanged at its October meeting. The prospect of a faster pace of monetary tightening by the FED is adding to near-term pressure on the JPY. The USD Index rose sharply by 0,3% last night for a third consecutive session, reaching its highest level in 19 months on expectations of tighter FED policy.

Interbank USD/VND briefly rose above 25.700 yesterday before closing the day at 25.685. Market movements were influenced by the USD’s recent appreciation in global markets, with the currency gaining 0,9% since the beginning of the week.

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