Currency

Japan data suggests possible yen intervention of around $22 billion


A man walks past an electronic board showing the rate of the Japanese yen versus the US dollar along a street in Tokyo on February 14, 2024. 

Kazuhiro Nogi | Afp | Getty Images

A fresh market projection by the Bank of Japan on Friday hints at a possible intervention of around $22 billion into the currency markets as the country tries to prop up the ailing yen.

The Japanese currency popped 3% against the dollar late Thursday as the market responded to surprisingly soft U.S. inflation data. It was the yen’s biggest daily rise since late 2022, according to Reuters, and came as traders were already on high alert for currency intervention by Japanese authorities.



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