thematicdeadheatnamco: Non-agricultural production in April was far lower than expected, and non-agricultural production in February and March was revised down by 2deadheatnamco.20,000 people
U.S. non-farm payrolls data was weaker than expected, and the yen expanded its gains, easing concerns that Japanese authorities might once again enter the market to support the yen.deadheatnamcoguesses.
The yen rose more than 1% against the dollar, closing at 152 to the dollar. Data showed that U.S. employers scaled back hiring in April and the unemployment rate unexpectedly rose. This puts the yen on track to record its largest weekly gain against the dollar since November 2022.
The yen further expanded its gains on Monday after falling below 160 against the dollar for the first time since 1990. To stem further declines, Japan's Ministry of Finance may have bought yen twice this week, costing a total of about 9 trillion yen ($59 billion). Japan's top foreign exchange official, Mr. Kanda, declined to comment on whether to intervene.
The yen has still fallen by 11% over the past year, making it the worst-performing G-10 currency. Confidence was so low that bearish bets still dominated the market after the Bank of Japan raised short-term policy rates for the first time since 2007 in March.