Yen Strengthens After Japan Intervenes In FX Market For First Time Since 1998

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TOKYO/LONDON – The Japanese yen strengthened sharply on Thursday after authorities intervened in the foreign exchange market for the first time since 1998 to shore up the battered currency.

The dollar tumbled to as low as 140.31 yen, and was last down 1.2 percent at 142.37 in highly volatile markets.

The euro, Australian dollar and pound also plunged against the yen.

“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.

Japan’s first intervention in the currency market to shore up the battered yen since 1998 came in the wake of …

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