Business | Sep 07

Japan watching sharp forex moves after yen falls to 10-month low

Japan is monitoring foreign exchange moves with a sense of urgency and will consider timely action if the yen's moves become volatile, its top currency diplomat said Wednesday after the yen hit a fresh 10-month low against the U.S. dollar overnight.

The yen briefly weakened to the 147.80 level against the dollar on the New York market Wednesday, hitting its lowest level since early November, as market participants sold the Japanese currency for the dollar amid speculation that the U.S. Federal Reserve will continue its aggressive interest rate hikes.

Japanese authorities repeatedly issue verbal warnings before they intervene in the currency market. The last time Japan conducted a yen-buying, dollar-selling intervention to arrest the Japanese currency's decline was in October. ...continue reading

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