Bank of Japan intervenes in foreign exchange markets after yen falls to lowest level in 24 years
While the dollar was rising higher, the Japanese yen hit a 24-year low and Japan decided to intervene in foreign exchange markets (forex) for the first time since 1998.
Reports say the Bank of Japan made its first forex intervention in 24 years, after Japan’s central bank kept its benchmark interest rate suppressed for some time.
After the intervention, the yen rose as the US dollar fell sharply against the Japanese yen during trading sessions on Thursday. However, the dollar has returned to the plate and the yen’s recent gains have begun to wobble.