Japan Intervenes to Support Yen for the First Time Since 1998

Tokyo, September 22 (QNA) - Japan intervened in the foreign exchange market by buying yen for the first time in 24 years, shortly after the Bank of Japan accelerated a fall in the currency by confirming it would maintain ultralow interest rates.
The yen rose as much as 2.3% against the dollar, pulling back sharply from the lows of the day when it had breached a key psychological level of 145, as top currency official Masato Kanda said Thursday the government was taking "decisive action." The intervention shows that Prime Minister Fumio Kishidas government has reached the limit of its patience after the yen tumbled around 20% against the dollar this year as hedge funds kept adding to short bets on the yen.
This intervention was the latest example of global concern triggered by the strong dollar, which has gained ground on the back of the Federal Reserves interest-rate increases. (QNA)