Tokyo Japan’s finance ministry intervened to support the yen for the second time in four weeks. The yen reacted promptly and rose against the dollar. A dollar was worth 152 yen on Friday night, then 144 yen on Saturday morning, before falling to almost 148 yen later in the day.
This was the government’s reaction to the rapid fall of the yen against the dollar. On Thursday, the dollar-yen rate topped 150 yen for the first time in 32 years. Finance Minister Shunichi Suzuki then warned: “We cannot tolerate excessive and rapid movements through speculative trading on the foreign exchange market.” Even the previous expert consensus on the Japanese central bank’s special path shows cracks.
So far, most Japanese central bank observers have agreed that the Bank of Japan will buck the global trend towards higher interest rates until the end of its boss Haruhiko Kuroda’s term of office in early April 2023.
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