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% at 142.37 in highly volatile markets.Register now for FREE unlimited access to Reuters.com"We have taken decisive action ," vice finance minister for international affairs Masato Kanda told reporters, responding in the affirmative when asked if that meant intervention.
However, she added: "Given that we just had the BOJ underpinning a very loose monetary policy and that came just after the Fed underpinned a hawkish outlook, I think the fundamentals will drive dollar/yen higher."In what was proving a very busy day for markets, the dollar hit multi-year highs earlier on Thursday, a day after the Federal Reserve surprised markets with hawkish interest-rate projections.
The euro weakened to a new 20-year trough of $0.9807, and sterling fell to a fresh 37-year low of $1.1213, though both made back a little ground in London trading. On Wednesday, the Fed issued new projections showing rates peaking at 4.6% next year with no cuts until 2024. It raised its target interest rate range by another 75 basis points overnight to 3%-3.25%, as was widely expected.
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