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Economics
Central Banks

Japan Intervenes to Support Yen for the First Time Since 1998

  • Top FX official says bold action taken after one-sided moves
  • Yen pressure set to continue after Fed ramps up hawkishness
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Japan Intervened in Currency Market: Ministry of FinanceSource: Bloomberg
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Japan intervened to prop up the yen for the first time since 1998, after its central bank sparked further declines in the currency by sticking with ultra-low interest rates as its global peers hiked.

The yen rose as much as 2.5% against the dollar, pulling back sharply from the lows of the day when it had breached a key psychological level of 145, as top currency official Masato Kanda said Thursday the government was taking “decisive action.”