The yen made a strong comeback after hitting a 34-year low, sparking rumors of possible intervention. Stock futures in Europe and the US followed the positive trend in Asia, with the Japanese currency gaining 2.1% after dropping below 160 per dollar for the first time since 1990. Thin trading volume due to a public holiday in Japan contributed to the volatile market movements. Despite speculation, top currency official Masato Kanda remained tight-lipped about any intervention. The market’s instability and lack of liquidity have turned the yen into a volatile instrument, according to Rodrigo Catril, a strategist at National Australia Bank. The Euro Stoxx 50 futures climbed 0.4%, while S&P 500 contracts saw a slight increase following the benchmark’s best weekly performance in 2024. Chinese stocks led the rally in Asia, setting a positive tone for the global markets. Source: finance.yahoo.com
