Yen jumps as Japan intervenes in currency market for first time since 1998
Japan on Sept. 22 stepped into the foreign exchange market amid the yen’s abrupt fall, the Finance Ministry said, in its first intervention to support the currency in 24 years, as rising import costs have been dragging down the country’s broader economy.
The surprise intervention comes as Prime Minister Fumio Kishida has been urged to take measures to alleviate the negative impact of price hikes hurting the household and corporate sectors.
Finance Minister Shunichi Suzuki said at a news conference on Sept. 22 that the government intervened in the foreign exchange market in a bid to stem volatile market moves, although he did not say when the government intervened.
Suzuki was also mum about whether Japan unilaterally stepped into the currency market, while emphasizing that the government of the world’s third-biggest economy has been making efforts to obtain understanding from other nations about the intervention.
The yen-buying operation “has had a certain effect,” Suzuki said. (Kyodo)
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