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Japan finance minister declines to say whether government intervened to prop up yen

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TOKYO – Japanese currency authorities declined on Monday (Oct 24) 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. Any respite from such an intervention appeared to be brief, however, with dollar/yen rising 1.3 per cent to 149.54 in early trade...

Japan's Finance Minister Shunichi Suzuki speaks at a news conference after Japan intervened in the currency market for the first time since 1998 to shore up the battered yen in Tokyo, Japan, on Sept 22, 2022.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 seven 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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