After months of warnings that it could intervene in the currency market, Japan’s financial authorities finally appeared to have taken action on Monday to curb the pace of the yen’s weakening against the US dollar.
The Japanese currency plunged past the ¥160 mark to hit a new 34-year low that day, but then jumped to the ¥154 level. On Tuesday evening, the price was around the ¥157 level.
Later Monday, Japanese currency diplomat Masato Kanda declined to comment on whether the government had taken action. He also declined to comment Tuesday, but told reporters that the Treasury Department is ready to take action “24 hours a day.”
