The Bank of Japan (BoJ) intervened in the foreign-exchange market on Monday to bolster the weakening Japanese yen, which had plunged to a 34-year low of 160 per dollar.
In response to the move, the yen saw a notable recovery, jumping as much as 3% to 154.6 against the dollar following the intervention, before retracing to 156.80 at the time of this writing.
Chart: Dollar-Yen Tumbles After BoJ Intervenes In FX Market
Why Did The BoJ Intervene?
In response to the Japanese yen depreciating by over 10% in less than four months in 2024, Japanese monetary authorities decided on Monday to take actions to...
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