Yellen Says Yen Intervention Understandable If Due to Volatility
- Japan’s currency has depreciated, stoking concern in Tokyo
- G-7 nations have basic principle of letting markets set rates
Janet Yellen.
Photographer: Ronda Churchill/BloombergThis article is for subscribers only.
US Treasury Secretary Janet Yellen said any intervention by Japan to prop up the yen would be understandable if it were aimed at smoothing out volatility — not at affecting the level of the exchange rate.
“It would depend very much on the details,” Yellen said Tuesday when asked whether the Treasury Department would be understanding if Japan intervened to buy yen in the foreign-exchange market. “We usually communicate with them about these interventions.”