Japan intervenes in FX market for first time in 24 years

japanese-yen-currency-notes

Japan’s central bank intervened in the foreign exchange market today (September 22) to prop up the yen for the first time since 1998.

The move came soon after the Bank of Japan kept its ultra-low rates unchanged at a policy meeting, a decision that pushed the currency further down. “We have taken decisive action [in the foreign exchange market],” vice-finance minister for international affairs Masato Kanda said, Reuters reported.

The yen has depreciated around 20% against the dollar this year

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