BoJ intervenes for first time since 1998 to strengthen yen
By Alexander Bueso
Date: Thursday 22 Sep 2022
(Sharecast News) - Japanese authorities intervened in foreign exchange markets on Thursday with the aim of strengthening their currency for the first time since 1998.
As of 0946 BST, the US dollar was retreating by 2.11% to 141.02 yen, having earlier hit an intra-session high of 145.90.
In parallel, the US dollar index pared its earlier gains to trade just 0.06% higher to 110.71, having earlier risen as high as 111.81 - a fresh 52-week high.
The move was reportedly confirmed by Masato Kanda, the vice minister of finance for international affairs at the Japanese Ministry of Finance.
Kanda had hinted at such a move earlier on Thursday with the Bank of Japan having already conducted rate checks earlier in the month, in another signal of potential action.
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