Framing Analysis
U.S. nonfarm payrolls fell 23,000 in the latest month against economist forecasts of an 80,000 gain, with June revised down to a 20,000 increase. The dollar dropped as much as 1.1 percent to 156.68 yen before recovering to 157.16, following the first joint U.S.-Japan yen-buying operation since 1998. The yen later surrendered nearly half its intervention-driven gains and traded near 158.34.