WASHINGTON: Currency markets were choppy on Tuesday as the dollar hit a 10-week high against peers and a six-month top versus the yen before retreating after Japanese officials gave their currency a nudge.

Japan will closely watch currency market moves and respond “appropriately” as needed, the country’s top currency diplomat said on Tuesday after financial authorities met in response to a weakening in the yen to its softest in six months versus the dollar.

The yen strengthened on news of the meeting, and held onto those gains, with the currency last up 0.46% versus the dollar at 139.80 having earlier risen to 140.93, its highest since November 2022.

That helped the dollar index, which measures the US currency against six major peers, hit 104.53 in European trading, its highest in 10 weeks. But it then retreated, and was last down 0.201% at 104.080.The euro was last up 0.17% at $1.0723,, having earlier hit a two-month low, while the pound was last trading at $1.24095, up 0.41% on the day.. In crytocurrencies, bitcoin last rose 0.12% to $27,783.00 while ethereum was up 0.51% at $1,904.06.