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FOREX-Yen gives up ground vs dollar following surge on suspected intervention

The yen gave up ground in early trade on Thursday, reversing direction after a sudden surge against the dollar overnight that traders and analysts were quick to attribute to intervention by Japanese authorities. The sharp overnight move came in a quiet period for markets after Wall Street had closed and hours after the Federal Reserve had wrapped up its policy meeting, with Chair Jerome Powell reiterating that sticky inflation meant interest rate cuts may be a while in coming. When contacted by Reuters, Japan's vice finance minister for international affairs, Masato Kanda, who oversees currency policy, said he had no comment on whether Japan had intervened in the market.