-
Yen strengthens after Japanese government dumps US dollars to prop up the currency in its first intervention since 1998
The Japanese yen strengthened against the US dollar on Thursday after Tokyo intervened to prop up the currency following months of declines. The dollar fell as much as 2.6% to 140.31 yen and was down 0.6% to 143.21 yen at last check. The yen's rally came after the Japanese government said it would buy yen and sell dollars in a bid to shore up the currency. The yen has plummeted by almost a quarter against the greenback this year as the Bank of Japan pursues ultra-loose monetary policies while the US Federal Reserve raises interest rates aggressively. "We have taken decisive action," said Masato Kanda, the ... (full story)