Tokyo sidesteps intervention questions after dollar tops 150 yen

Japan intervened in 1998 after the yen fell to 146, spending around US$60 billion as the currency surpassed 151 per dollar.

In mid-afternoon trading in London, the dollar/yen rate hit 150.16, its cheapest since October 2022, before quickly bouncing back.The yen’s weakening reflects a mix of ultra-loose monetary policy in Japan coupled with rising US interest rates that are attracting investors to the dollar. “I don’t answer questions of whether we intervened or not,” finance minister Shunichi Suzuki told reporters, according to Jiji Press.His comments came a few hours after top currency diplomat Masato Kanda declined to say whether his ministry intervened in the exchange-rate market or not.

It spent around US$20 billion followed by another US$40 billion in subsequent weeks as the currency dropped beyond 151 per dollar.In recent months, the yen has plummeted against the dollar in part because of the widening gap in interest rates set by the Bank of Japan and the US Federal Reserve.While the Bank of Japan has tweaked its yield curve control scheme for government bonds, it has stuck to sub-zero borrowing costs to support the lacklustre economy.

Source: News Formal (newsformal.com)

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