Japan Conducts Forex Intervention: Sources

Tokyo, July 31 (Jiji Press)–The Japanese government and the Bank of Japan carried out a yen-buying, dollar-selling market intervention for the first time in about three months on Thursday night, during New York trading hours, informed sources said Friday.

Japanese authorities likely conducted a surprise intervention as Finance Minister Satsuki Katayama did not issue a prior warning, as she did ahead of the previous intervention on April 30.

In New York on Thursday, the dollar briefly plunged by about 5 yen to slip below 158 yen, hitting its lowest level since mid-May.

When asked by reporters in Tokyo on Friday morning, Katayama declined to comment on whether Japanese authorities had intervened to prop up the yen.

END

[Copyright The Jiji Press, Ltd.]