Japan intervened in the foreign exchange market to support the yen due to weaker-than-expected CPI data.
Japan intervened in the foreign exchange market to bolster its currency, the yen, following a sharp drop after the release of weaker-than-expected core consumer price index (CPI) data. The Bank of Japan (BOJ) and Ministry of Finance (MOF) will intervene by purchasing tens of billions of yen. Japanese authorities have expressed concerns about rapid exchange rate movements, stating they are influenced by speculation and are out of line with fundamentals. Tokyo's timely interventions have proven to have short-lived effects, and market participants are on high alert.
July 11, 2024
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