The yen was volatile Friday as the Bank of Japan (BOJ) conducted what is often referred to as rate checks with traders, reinforcing perceptions that authorities intervened in the market on Thursday to prop up the currency.
It whipsawed during morning trading in Tokyo, with several market participants saying the central bank had called and asked for indicative exchange rates against the euro.
This followed a surge of as much as ¥4 to ¥157.44 per dollar on Thursday in the minutes after a softer-than-expected reading of U.S. inflation.