Japan Signals Possible Intervention as Yen Hits 38-Year Low

27 June 2024

Japanese authorities, concerned about the yen’s sharp decline to a 38-year low against the dollar, have signaled their readiness to intervene in the currency market. Finance Minister Shunichi Suzuki emphasized the need for stable exchange rates and expressed worries about the economic impact of rapid, one-sided moves. Chief Cabinet Secretary Yoshimasa Hayashi also indicated that Tokyo would take appropriate action against excessive currency fluctuations. The yen was trading at 160.52 per dollar on Thursday, close to its recent low of 160.88.

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