Business | Oct 22

Japan stages new forex intervention to stop falling yen

TOKYO, Oct 22 (Nikkei) - Japan's government and central bank intervened in the currency market early Saturday to support a falling yen, sources told Nikkei, triggering a dramatic rebound against the dollar.

Japan's currency surged about 7 yen in an hour during New York trading to touch the 144 yen level.

The yen had reached a fresh 32-year low of nearly 152 against the dollar before Japanese authorities again showed their readiness to push back against sharp movements in the currency.

Finance Ministry Vice Minister Masato Kanda, Japan's top currency diplomat, told reporters he would not comment on whether an intervention had taken place.

The government and the Bank of Japan last stepped in to support the yen on Sept. 22, when the yen was trading just under 146 to the dollar. That had marked Japan's first yen-buying intervention in about 24 years. ...continue reading

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