Japan Intervenes in Forex Market for First Time in Three Months

The Japanese government and Bank of Japan have intervened in the foreign exchange market for the first time in about three months, buying yen and selling dollars. According to informed sources, the intervention occurred on Thursday night during New York trading hours.

The dollar briefly plunged by around 5 yen, dipping below 158 yen, its lowest level since mid-May. Finance Minister Satsuki Katayama declined to comment on whether Japanese authorities had intervened to support the yen when asked by reporters in Tokyo on Friday morning.