Japan intervenes in FX market to stem yen falls after BOJ keeps super-low rates

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Reuters

By Leika Kihara TOKYO (Reuters) – Japan intervened in the currency market on Thursday for the first time since 1998 to shore up the battered yen, in the wake of the central bank’s decision to maintain ultra-low interest rates that have been driving down the currency. “We have taken decisive action (in the exchange market),” vice finance minister for international affairs Masato Kanda told reporters, responding in the affirmative when asked if that meant intervention. The move came hours after the BOJ’s decision to maintain super-low interest rates to support economic growth, bucking a global t…

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