The yen has depreciated nearly 20% this year, as the BOJ has kept policy super-loose while many of its global peers, such as the Federal Reserve, have aggressively raised rates to cool surging prices. Japanese authorities confirmed that they stepped into the market when it intervened on Sept. 22. We won't be raising interest rates for some time," BOJ Governor Haruhiko Kuroda told a briefing after the policy decision. Bank of England hikes interest rates by half a point for second straight month. Kuroda brushed aside criticism, raised by some politicians, that the BOJ's resolve to maintain an ultra-loose policy was inconsistent with the government's efforts to curb the yen's fall. It is almost a month since Japanese . 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. The yen (Japanese: , symbol: ; code: JPY; also abbreviated as JP) is the official currency of Japan.It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. If confirmed, this would be the second time since September that Japan has intervened in the currency market to shore up the yen. Nov 11, 2022. TOKYO/LONDON/NEW YORK, Oct 21 (Reuters) - Japanese authorities likely intervened in markets to stem the slide of the country's battered currency on Friday, market participants said, following an. The dollar has soared about 29% against the yen, and the yen recently. A Division of NBCUniversal. TOKYO, Nov 1 (Reuters) - Japan's currency interventions have been stealth operations in order to maximise the effects of its forays into the market, Finance Minister Shunichi Suzuki said on Tuesday, after the government spent a record $43 billion supporting the yen last month. October 24, 2022 09:58 JST Updated on October 24, 2022 12:54 JST. Something isn't loading properly. The New Currency Act of 1871 introduced Japan's modern currency system, with the . The industry leader for online information for tax, accounting and finance professionals. The yen's plight puts the BOJ under the spotlight as it meets for a two-day rate meeting ending on Friday, when it is widely expected to maintain ultra-loose monetary policy. As such, it's necessary to support the economy with acccomodative monetary policy," Kuroda told parliament on Tuesday. Did you encounter any technical issues? "It's desirable for inflation to stably achieve our 2% target accompanied by wage rises," Kuroda said, stressing the need to keep supporting the economy with ultra-low rates. Japan spent 6.35 trillion yen ($42.7 billion) on currency intervention in October to prop up the yen, data showed on Monday, leaving investors keen for clues about how much further the authorities . A dollar bought 149.16 yen on Monday, an increase for the U.S . In September, when Japan conducted its first yen-buying intervention since 1998, authorities immediately confirmed they had stepped in. Reuters - Nov 09. The Japanese currency jumped 4 yen to 145.28 per dollar in early Asia trade on Monday, suggesting authorities had stepped in for a second straight day after a similar move by Tokyo on Friday. Please check back later. "We must closely watch the impact financial and currency market moves could have on Japan's economy and price.". The dollar extended its fall against the yen and was last down over 2% at 141.15 yen after confirmation of the intervention. Japan last intervened to support its currency during the Asian financial crisis in 1998. [1/2]A passerby walks past an electric monitor displaying the graph of recent movements on Japanese yen exchange rate against the U.S. dollar in Tokyo, Japan, October 20, 2022. Thursdays decision marks the first time since 1998 that the Japanese government intervened in the foreign exchange market by buying yen. Japan likely spent a record 5.4 trillion to 5.5 trillion yen ($36.16 billion to $36.83 billion) in its yen-buying intervention last Friday, according to estimates by Tokyo money market brokerage . (Mainichi) TOKYO (Kyodo) -- Japan's yen-buying, U.S. dollar-selling intervention cost 2.83 trillion yen ($19 billion) on . After the catastrophic earthquake, the tsunami, and the nuclear-reactor scares, the Japanese currency ironically strengthened quite sharply. REUTERS/Issei Kato. "The market was expecting some intervention at some point, given the increasing verbal interventions we have been hearing over the past few weeks," said Stuart Cole, head macro economist at Equiti Capital in London. Swiss National Bank Chairman Thomas Jordan issued another rate rise warning on Monday, saying it was likely the central bank will need to act again as inflation is set to remain elevated. 2. The Japanese Yen is soaring during Thursday's US session following overnight news that the Ministry of Finance . Reporting by Tetsushi Kajimoto and Leika Kihara in TOKYO, John McCrank, Saqib Iqbal Ahmed, Gertrude Chavez and Ira Iosebashvili in NEW YORK and Dhara Ranasinghe in LONDON; Additional reporting by Kantaro Komiya and Sakura Murakami Japan's foreign reserves fell for a third consecutive month to $1.19 trillion as at the end of October, still the world's second-largest after China, the ministry said. Japan was believed to have been selling dollar-denominated assets it holds, such as US Treasuries, Japanese news agency Kyodo reported. "In the past crises involving British pound and Italy's lira, authorities have ended up failing to defend their currencies. Those losses were reversed following news of the intervention, however, and the yen was last trading at around 141, up 2%. I f****d up.' The last time Japan intervened to support its currency was in 1998, when the Asian financial crisis triggered a yen sell-off and a rapid capital outflow from the region. Dollar weathers suspected Japanese yen intervention, China data mixed The US dollar weathered another suspected blast of Japanese intervention to push higher on the yen on Monday, while most share markets rallied on just the hint of an eventual slowdown in rate hikes Topics US Dollar | China | Japan Reuters | SYDNEY The government is concerned about these excessive fluctuations and has just taken decisive action, he added. 2 min read By Ambar Warrick Investing.com-- The Japanese yen fell on Monday, coming close to. Japan spent 6.35 trillion yen ($42.7 billion) on currency intervention in October to prop up the yen, data showed on Monday, leaving investors keen for clues about how much further the authorities . Japan intervened to prop up the yen for the first time since 1998 on Thursday. The currency has lost about 20% this year against a surging US dollar. The BOJ's decision came after the U.S. Federal Reserve delivered its third straight rate increase of 75 basis points on Wednesday and signaled more hikes ahead, underscoring its resolve not to let up in its battle against inflation and giving a further boost to the dollar. The dollar was last down 1.8% at 147.34 yen. The dollar was last down 1.8% at 147.34 yen . Fair value provided by IndexArb.com. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Japan's foreign reserves extended declines in October, following the previous month's record drop, the Ministry of Finance said on Tuesday, reflecting the largest ever amount of yen-buying, dollar-selling intervention. Monday, September 26, 2022 11:15 AM EDT. The currency, down about 22% against the dollar this year, has been battered as the Bank of Japan sticks to an ultra-loose monetary policy, while the U.S. Federal Reserve and other major central banks aggressively raise interest rates. The clearest evidence is just the scale of dollar selling that is happening.". In a sign that the onus of addressing sharp yen declines will remain with the government rather than with the central bank, the BOJ's Kuroda ruled out the chance of raising Japan's ultra-low rates anytime soon. While Japanese officials have said they do not necessarily need U.S. consent for action in the currency markets, they repeatedly stress the importance of seeking U.S. understanding, which is seen. "We are hearing large blocks are being traded," he said. The move came after the yen fell past the key psychological level of 145 against the greenback and Kuroda showed. Bankrupt crypto exchange FTX is under criminal investigation in The Bahamas, Crypto crisis continues. "We cannot tolerate excessive moves by speculators. Axel Merk, president of Merk Investments and portfolio manager of the Merk Hard Currency Fund, said he believes there is little to stop the yen from weakening again, for now. Last Thursday was an incredibly volatile trading session for the USD/JPY. "There are times when we announce intervention right after we do it and there are times when we don't," Suzuki told a news conference on Tuesday. Updated Japan spent 6.35 trillion yen ($42.7 billion) on currency intervention in October to prop up the yen, data showed on Monday, leaving investors keen for clues about how much further the authorities might step in to soften the yen's sharp fall. Bank of Japan Governor Haruhiko Kuroda, however, reiterated the central bank's resolve to keep interest rates ultra-low, indicating that the yen's broad downtrend could continue. All rights reserved. In a widely expected move, the BOJ maintained ultra-low interest rates at a two-day meeting that ended on Thursday and left unchanged a pledge to keep rates at "present or lower levels.". The yen quickly lost most of the gains from a probable government intervention to strengthen the currency against the dollar. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The BOJ's decision came after the U.S. Federal Reserve delivered its third straight rate increase of 75 basis points on Wednesday. Japan has rarely intervened in currency markets. All times are ET. Japanese authorities on Friday warned of intervention in the currency market after sharp swings in the yen overnight, which was triggered by softer-than-expected U.S . Leave CNN a voicemail, Jeff Bezos' top tips for managing the economic downturn. "It's extremely undesirable" that Japan's real wages, adjusted for inflation continue to fall, BOJ Governor Haruhiko Kuroda told parliament on Monday. It had earlier traded more than 1% higher against the Japanese currency which plumbed fresh 24-year lows. With inflation relatively modest and the economy unable to move into a faster gear, the central bank is wary of raising rates and risk triggering a recession. The Nikkei, citing a source, also said Japan had intervened to buy yen and sell dollars. TOKYO, Nov 1 (Reuters) - Japan's currency interventions have been stealth operations in order to maximise the effects of its forays into the market, Finance Minister Shunichi Suzuki said on. All Rights Reserved. But it had intervened more recently in November 2011 to prevent the yen appreciating too rapidly against the dollar, public broadcaster NHK reported. Japan spent 6.35 trillion yen ($42.7 billion) on currency intervention in October to prop up the yen, data showed on Monday, leaving investors keen for clues about how much further the authorities . It spent up to a record 2.8 trillion yen ($19.7 billion) - equivalent to half its annual defence spending - in the intervention last month. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. "It's very clearly the ministry of finance stepping in to sell dollar-yen," said Mazen Issa, senior FX strategist at TD Securities in New York. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. It last stood around 148.80. "Our policy and that of the government complement each other," Kuroda said. A Warner Bros. The currency traded 0.8% weaker at around 149 per . The dollar fell as much as 2.6% to 140.31 yen and was . Yen-buying intervention has been very rare. "Strength in the dollar is the biggest factor behind the weak yen. The widening U.S.-Japanese rate differential is likely to keep downward pressure on the yen, which has fallen more than 20% against the dollar this year. 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The yen had earlier plunged to its lowest level since 1998 after the Federal Reserve hiked interest rates aggressively while the Bank of Japan kept its rates in negative territory in a bid to boost its fragile economic recovery. The decline of $43.5 . This volatility was largely caused by the Bank of Japan's (BoJ) intervention in . Japanese authorities confirmed that they stepped into the market when it intervened on Sept. 22. In analysing FX markets and making intervention decisions, authorities for major currencies generally draw distinctions between movements . The Bank of Japan has voted to keep interest rates ultra-low to support the country's fragile economic recovery. The industry leader for online information for tax, accounting and finance professionals. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Your effort and contribution in providing this feedback is much See here for a complete list of exchanges and delays. Japan's Ministry of Finance declined to comment. Speculation that Japan would step into the market again had grown over the past week as yen weakened beyond a key psychological level of 150 per dollar on Thursday for the first time since August 1990. Japan has rarely intervened in currency markets. All quotes delayed a minimum of 15 minutes. Japan likely spent a record 5.4 trillion-5.5 trillion yen ($36.16 billion-$36.83 billion) in its yen-buying intervention last Friday, according to estimates by Tokyo money market brokerage firms. "There's absolutely no change to our stance of maintaining easy monetary policy for the time being. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The finance minister repeated his warning that authorities are closely watching market moves and will not tolerate "excessive currency moves driven by speculative trading". At $1.33 trillion, Japan's foreign reserves provide it with enough fire power to intervene many more times, but traders doubt that Tokyo will be able to reverse the yen's downtrend on its own. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Before that, Tokyo intervened to counter yen falls in 1991-1992. But he declined to comment on whether the intervention was conducted with US support, saying only that Japan was in regular contact with countries concerned.. Japan Spends Record Amount on Yen-Buying Intervention in October | Nippon.com Latest In-depth Japan Data Guide Video/Live Japan Glances Images People Blog News Latest. As yen tumbles, gadget-loving Japan goes for . The central bank held interest rates at minus 0.1%, just hours after the Fed made history with its third straight three-quarter percentage point rate hike, taking benchmark US rates up to between 3% and 3.25%. The Japanese yen made a thumping 4 yen jump for a second straight session on Monday on suspected early intervention by the Bank of Japan, but struggled to hold its gains against a robust U.S. dollar. Prime Minister Fumio Kishida suggested that the government will take appropriate action to counter the currency moves but did not confirm the prior week's possible intervention. 2022 CNBC LLC. "We are monitoring the market 24/7 while taking appropriate responses. On Tuesday, the Japanese currency was changing hands at 148.70 per dollar, little changed from the previous session. See here for a complete list of exchanges and delays. Reporting by Tetsushi Kajimoto and Yoshifumi Takemoto; Additional reporting by Chang-Ran Kim, Sakura Murakami, Daiki Iga and Leika Kihara; Editing by Shri Navaratnam and Sam Holmes, Swiss National Bank chairman flags high probability of rate rise, Euro zone wages finally rising but inflation expectations muted, ECB VP says, India's Oct retail inflation eases, spurs smaller rate hike views, India's Oct retail inflation eases to 6.77% y/y, Goldman Sachs expects "significant" decline in U.S. inflation in 2023, See here for a complete list of exchanges and delays, Yen volatile as Tokyo suspected of intervention for 2nd day, FX officials remains tight lipped on intervention, Policymakers keep up warning vs excess FX volatility, BOJ Kuroda repeats need to keep ultra-low rates. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Japan intervened in the currency market on Thursday to shore up the battered yen for the first time since 1998. "We will respond appropriately to excess volatility," he said, a view echoed by Prime Minister Fumio Kishida in parliament later on Monday. "Japan's economy is still in the midst of recovering from the coronavirus pandemic's impact. Cryptocurrency lender BlockFi said on Monday it has significant exposure to Sam Bankman-Fried's crypto exchange FTX, and associated entities, that last week filed for bankruptcy. TOKYO, Oct 24 (Reuters) - Japanese policymakers on Monday continued efforts to tame sharp yen falls, including through two straight market days of suspected intervention, but ultimately failed to prop up the currency against persistent dollar strength. That is much bigger than the roughly 2.8 trillion yen Japan spent supporting the currency on Sept. 22, which was the first yen-buying, dollar-selling intervention since 1998. After months of . All Rights Reserved. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The July-September data is expected to be released early this month. The industry leader for online information for tax, accounting and finance professionals. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. "There's no doubt the BOJ needs to cooperate closely with the government.". Finance Minister Shunichi Suzuki told reporters at a press conference that the currency intervention had some effect and that Japan would not accept excess volatility in the market. Thursday's decision marks the first time since 1998 that the Japanese government intervened in the foreign exchange market by buying yen. While authorities have denied having a line-in-the-sand in mind, political factors mean they do need to be mindful of defending psychologically important thresholds. Japanese Yen Awaits Kuroda, Intervention Threat, Key US Inflation Data After Dovish BoJ Oct 27, 2022 8:30 PM -07:00 Daniel Dubrovsky, Senior Strategist Japanese Yen, USD/JPY, Bank of. The move came hours after the BOJ's decision to maintain super-low interest rates to support the country's fragile economic recovery, bucking a global tide of monetary tightening by central banks fighting to rein in soaring inflation. Earlier Thursday, the Bank of Japan announced that it. Our Standards: The Thomson Reuters Trust Principles. 2022 Cable News Network. Here's the latest on the FTX collapse, Exclusive: Jeff Bezos offers his advice on taking risks right now, Exclusive: Amazon founder Jeff Bezos says he'll give away his wealth, 'I'm sorry. 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