Yen jumps on U.S. data as traders watch for intervention clues

The yen surged against a weaker dollar after an unexpectedly soft U.S. payrolls report on Friday, with traders on alert for any sign authorities were preparing to intervene in the Japanese currency again. 

The currency gained 0.4% on the day to trade at ¥157.76 per dollar as of 5 p.m. in New York. Despite the move, the yen ended the week slightly weaker than where it began, after a volatile period following interventions by Japanese and U.S. authorities.

“The market is expecting it because that last round came when the U.S. dollar was already under pressure,” said Lee Ferridge, a strategist at State Street, adding that Friday’s move didn’t appear to be related to intervention. “Its always easier to push on an open door.”