Home NewsForex Market News It has been more than 24 years since the Japanese government and the Bank of Japan intervened in the foreign exchange market |

It has been more than 24 years since the Japanese government and the Bank of Japan intervened in the foreign exchange market |

by WOOWinvest
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It has been more than 24 years since the Japanese government and the Bank of Japan intervened in the foreign exchange market |


The Japanese government and the Bank of Japan formally intervened in the yen exchange rate in the evening of Thursday (22nd), and the exchange rate of the yen against the US dollar rose sharply from around 145.9 to 142.2 in just 20 minutes after 5:00 p.m. Japan time on Thursday. The dollar rose and the dollar fell. This is also the first time since June 1998 that the Japanese government and the Bank of Japan have intervened in the foreign exchange market, with a gap of 24 years and 3 months.

The US Federal Reserve (Fed) ended its September interest rate decision meeting on Wednesday (21st), and announced a 3-yard hike as expected. Affected by this, the exchange rate of the yen against the U.S. dollar fell below 145 in Asian trading on Thursday, the first time since 1998. Japan’s Ministry of Finance Finance Minister Kanda Maharaja also said in the afternoon of the same day, “The exchange rate is experiencing severe fluctuations, excessive changes and Out-of-order movements are unacceptable,” and stressed that he was ready to intervene at any time.

The Bank of Japan announced the results of the interest rate meeting on Thursday morning and decided to maintain the ultra-loose monetary policy unchanged. The exchange rate of the yen against the dollar, which once depreciated below the 145 mark during the day, also rose sharply to the 143 level again. However, in the face of such large fluctuations in the exchange rate of the yen, Kanda said in the afternoon that there has been no intervention in the exchange rate.

However, just a few hours later, the trend of the yen fell to around 145.9 and approached 146 again at around 5 pm Japanese time on Thursday. The Japanese government and the Bank of Japan finally intervened in the foreign exchange market. The yen also fell in just 20 minutes. Left and right quickly climbed to around 142.2.

At 5:08 p.m. Taipei time on Thursday, the yen was trading around 142.2 against the dollar by the time of writing.

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