When Will Japan Intervene in Market to Support Yen?
Tokyo, April 27 (Jiji Press)--As the yen continues to fall against other major currencies, the focal point is when the Japanese government and the Bank of Japan will intervene in the currency market to support the yen.
The yen hit a 34-year low past 158.40 per dollar in U.S. trading on Friday local time, weakening from around 155.50 before the Bank of Japan announced a decision to keep its monetary policy unchanged shortly after noon Friday in Japan.
The selling of the yen against the dollar accelerated after BOJ Governor Kazuo Ueda told a press conference on the day that the yen's current weakness has not significantly affected Japan's underlying inflation.
In addition, hopes for an interest rate cut by the U.S. Federal Reserve receded after data showed persistent inflation in the United States.
The yen started the year at around 141 per dollar, but weakened more than 10 pct over the last four months.
(2024/04/27-23:06)
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