Japan Officially Intervenes FX Market to Save Yen from Sliding Further

Japan has confirmed its intervention in the currency markets for the first time since 1998 to save the yen from further decline after the Bank of Japan (BOJ) decided earlier to keep its ultra-low interest rate to support its fragile economy that is currently in a recovering stage from the Covid-19 outbreak.

The dollar extended its fall against the yen on Thursday. It was last down 2% at 141.15 yen after the confirmation of the intervention. The greenback was up more than 1% against the yen prior to the announcement that dropped the yen to its new 24-year low.