The yen jumped against the dollar late on Wednesday, with traders on high alert for signs of intervention by Japanese monetary authorities to boost a currency languishing near 34-year lows. The dollar fell sharply to 153 yen from about 157.55 yen for reasons that were not immediately clear, after the U.S. stock market closed and the Federal Reserve's monetary policy meeting ended hours earlier. The dollar was last at 154.85 yen.
TOKYO (Reuters) -Japanese monetary authorities made a last-minute decision to bring forward to Wednesday an emergency meeting on the weak yen that was originally scheduled for Thursday, to maximise the impact of arresting sharp yen falls, a source with knowledge of the matter told Reuters. The meeting, consisting of executives from the Ministry of Finance (MOF), Bank of Japan and Financial Services Agency, is typically held in times of market turbulence partly as a gesture of authorities' alarm of unwelcome, sharp currency moves. As the meeting is considered as a sign Tokyo is moving a step closer to intervening in the currency market, traders were on the lookout for any signs it could be held again as the yen slid toward three-decade lows against the dollar.
Pick n Pay is reporting some revival in sales, after volumes fell by 10% in the half-year to August, but says it is banking on a change to the currency policy to sustain recovery. Results from the country’s two largest supermarkets are currently being closely watched, as they reflect the impact of the government’s exchange
TOP retail chain, TM Pick ‘n Pay Supermarkets has recorded a 10% decline attributable to depressed consumer spending in the economy. Presenting a report on the unit’s performance for the period ended August 31 2023, Meikles Limited chairman, John Moxon said despite revenue for the period recording growth, units sold declined during the period. “Revenue…
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