Japan Intervenes In FX Market To Stem Yen Falls After BOJ Keeps Low Rates

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TOKYO -Japan intervened in the currency market on Thursday to shore up the battered yen for the first time since 1998, in the wake of the central bank’s decision to maintain ultra-low interest rates that have been driving down the currency.

“We have taken decisive action (in the exchange market),” vice finance minister for international affairs Masato Kanda told reporters, responding in the affirmative when asked if that meant intervention.

The dollar extended its fall against the yen and was last down over 2 percent at 141.15 yen after confirmation of the intervention. It had earlier traded more than 1 percent higher against the Japanese currency which plumbed fresh 24-year lows.

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