Japan edges closer to intervention in yen

Jun 11, 2022 | News On Japan

Jun 11, 2022 (kitco.com) - Japan's government and central bank said on Friday they were concerned by recent sharp falls in the yen in a rare joint statement, the strongest warning to date that Tokyo could intervene to support the currency as it plumbs 20-year lows.

The statement underscores growing concern among policymakers over the damage that sharp yen depreciation could inflict on Japan's fragile economy by hurting business activity and consumers.

But many market players doubt that G7 member Japan will step in soon to directly prop up the yen, a diplomatically fraught and potentially costly course of action that last occurred 20 years ago.

After a meeting with his Bank of Japan (BOJ) counterpart, top currency diplomat Masato Kanda told reporters that Tokyo will "respond flexibly with all options on the table."

He declined to say whether Tokyo could negotiate with other countries to jointly step into the market.

The G7, of which Japan is a member, has a long standing policy that markets ought to determine currency rates, but that the group will closely coordinate on currency moves, and that excessive and disorderly exchange-rate moves could hurt growth. ...continue reading

Source: TBS NEWS

Typhoon No. 26 Forms, May Approach Okinawa Next Week

Typhoon No. 26 formed over the sea east of the Philippines at 9 p.m. on September 23 and is expected to strengthen as it moves westward, potentially approaching Okinawa's main island from September 28 with powerful winds.

ANA Plane Makes Emergency Landing at Naha Airport

An All Nippon Airways (ANA) flight bound for Saga Airport made an emergency landing at Naha Airport in Okinawa at 10:05 p.m. on September 23 after developing trouble with its right engine shortly after takeoff, with some passengers suffering minor injuries during an emergency evacuation.

Asian Games Day 5 Brings Swimming Gold and Gymnastics Drama

Japan's Asian Games campaign produced another day of records and medals on September 23, with Shoon Mitsunaga setting a national record to win the men's 100-meter butterfly, both Japanese gymnastics teams taking silver behind China, and Toshikazu Yamanishi adding to the host nation's athletics medal haul.

Road to Imperial Palace's Otemon Gate Flooded by Typhoon

The road leading to Otemon Gate at Tokyo's Imperial Palace was flooded on September 22 after heavy rain from a typhoon caused water in the surrounding moat to overflow.

Japan Pushes India to Final Ball in Historic Sano Cricket Match

Japan came within two runs of producing one of international cricket's biggest upsets on September 22, pushing reigning T20 world champion India to the final ball before losing a rain-shortened match at Sano International Cricket Ground in Tochigi Prefecture.

MEDIA CHANNELS

MORE Business NEWS

Japan's Beer Market Undergoes Major Shake-Up

Japan's beer industry is preparing for a major transformation as a liquor tax revision takes effect on October 1, unifying tax rates across beer, happoshu and third-category beer for the first time, with conventional beer becoming cheaper while lower-priced alternatives face tax increases.

Japan Targets Shipbuilding Revival

Japan is stepping up efforts to revive its shipbuilding industry, aiming to double annual construction volume by 2035 through government-backed investment in next-generation vessels, ship repair facilities and liquefied natural gas carriers, while Japanese manufacturers accelerate the development of hydrogen-powered engines and other advanced maritime technologies.

Higher Interest Rates Divide Japan's Young and Old

Japan's transition toward an economy with higher interest rates is creating sharply different outcomes for households, with younger generations facing rising mortgage repayments while older savers stand to benefit from increased deposit interest, following the Bank of Japan's decision to raise its policy rate by 0.25 percentage points to 1.25%.

Japan's Bento Shops Face Record Wave of Bankruptcies

Bankruptcies among Japan's bento shops are surging, with 83 businesses failing in the first eight months of 2026, putting the industry on course to surpass last year's record of 89 as rising ingredient costs and intensifying competition from supermarkets, convenience stores and drugstores squeeze smaller operators.

Tokyo Market Closed as Yen Intervention Watch Dominates Silver Week

Tokyo’s stock market was closed on September 21 for Respect for the Aged Day, leaving the Nikkei 225 without a cash close after finishing the previous session at 65,019, while currency and futures markets focused on the yen, the Bank of Japan’s latest rate hike and intervention risks during Japan’s Silver Week holiday.