USD/JPY Rises to 162.420 Yen on July 17 Despite Japanese Verbal Intervention

According to Yonhap InfoMax, the USD/JPY exchange rate rose to 162.420 yen on July 17, gaining 0.02% despite verbal intervention from Japanese authorities. Japanese Finance Minister Katayama Satsuki reiterated in a morning press conference that the government was prepared to take firm measures if needed, but the yen continued to weaken, climbing as high as 162.468 yen during the session.

The yen weakness was driven by stronger-than-expected U.S. economic data, including lower jobless claims and a rebound in Philadelphia Fed manufacturing activity, supporting dollar demand. Middle East tensions also weighed on the yen, as ongoing U.S.-Iran military clashes raised concerns about prolonged high oil prices affecting Japan's trade balance. WTI crude futures rose 1.13% to $79.84 per barrel.