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Yen Plunge Fails to Shift US Treasury Stance on FX Intervention

  • Yellen in July said intervention should be rare, exceptional
  • Treasury says Wednesday there’s nothing to add ‘at this time’
Bloomberg business news
Yen Falls to 24-Year Low, Set for Worst Year on Record
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The US Treasury Department on Wednesday stuck by its reluctance to support any potential intervention into currency markets to halt the yen’s depreciation, after the Japanese currency slumped to its weakest against the dollar since 1998.

Treasury spokesman Michael Gwin, asked Wednesday if the department’s stance had changed in any way since Secretary Janet Yellen discussed the issue of the yen and intervention in Tokyo in July, said in an emailed response to a question that he didn’t “have anything more to add at this time,” declining to elaborate further.