Tokyo Intervenes with Massive Yen-Buying Operation

Japan's central bank took drastic measures to stabilize its currency on Thursday, conducting a massive yen-buying intervention in New York markets. According to the Nikkei newspaper, citing market sources, Tokyo intervened by buying up yen and selling dollars.

The move was accompanied by 'rate checks' conducted by U.S. authorities, which are precursors for currency intervention. This suggests that both countries were working together to prevent further yen declines.