Intervention pushes dollar back above 120

- Central Banking staff
- 28 Jun 2002

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UK - The dollar surged back over 120 against the yen on Friday and made headway against the euro after Japan's finance ministry confirmed it had asked other central banks to intervene on its behalf to help weaken the Japanese currency.

The ECB confirmed its involvement but the Fed declined to comment.

Analysts emphasised the ECB and the Fed were merely acting as agents of the BoJ and this was not the sort of co-coordinated intervention seen when the euro fell near record lows in October 2000.

The

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