Yen Gains 3.2% Against Dollar in Third Quarter

The yen's quarterly advance came with an unusually wide intra-quarter range, and the fact that its strongest level arrived in early September suggests the move was front-loaded rather than a steady trend. That matters for carry-linked positioning and for currencies such as the euro and sterling, which lost ground to the yen even as the dollar itself weakened modestly on the month. Whether the yen can hold gains once the calendar turns is the open question, given how much of the quarter's move occurred before the final weeks.