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Yen jumps after authorities intervene for first time since 1998.


Date: 23-09-2022
Subject: Yen jumps after authorities intervene for first time since 1998
The Japanese yen rose sharply against the dollar on Thursday after authorities intervened in the foreign exchange market for the first time since 1998 to shore up the battered currency.

The dollar fell over 1% to as low as 142.3 yen, having earlier traded more than 1% higher against the Japanese currency. It was last down 0.42% at 143.4.

The Japanese government intervened in the foreign exchange market to sell dollars for yen to stem the Japanese currency's recent sharp falls, top currency diplomat Masato Kanda said on Thursday.

"Given that we just had the BOJ underpinning a very loose monetary policy and that came just after the Fed underpinned a hawkish outlook, I think the fundamentals will drive dollar/yen higher," said Rabobank head of currency strategy Jane Foley.

"But what Japan is doing is sending a signal that it's not a free ride to drive dollar/yen higher."

Against other major currencies, the dollar hit multi-year highs after the Federal Reserve surprised markets with hawkish interest-rate projections, while the Swiss franc tumbled after the central bank raised rates by an expected 75 basis points.

Source Name:-Economic Times
 
 
 
 

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