TOKYO -Japanese currency authorities declined on Monday to confirm whether the government had intervened in the currency market on Friday, signalling their determination to engage in a war of nerves with traders selling the yen.
Sources told Reuters that the dollar's plunge by as much as by 7 yen overnight on Friday was caused by authorities' yen-buying action for the second time in as many months. On Sept. 22 they stepped in to prop up the yen for the first time since 1998. "I won't comment," Finance Minister Shunichi Suzuki told reporters at the finance ministry, when asked about intervention.
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