Post by Augustine Chiagozie (@pabloexchange)

Bank of Japan intervened in the currency market to support the yen after USD/JPY hit a 40-year high of 162.84 and then plunged to 160.90 within hours.

The nearly 1.18% drop in a few hours is an unusual market move, following $72-73 billion spent on interventions in April and May.

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