TOKYO, Aug 29: Japan’s finance ministry said on Friday it did not intervene in foreign exchange markets from July 30 through August 27 despite a series of warnings by Japanese authorities against a rise in the Japanese yen.
This was in sharp contrast to sizable interventions so far this year as the Finance Ministry has repeatedly said it was ready to sell the Japanese currency to curb the yen’s strength.
Tokyo is keen to prevent excessive yen appreciation because it reduces the competitiveness of Japanese exports and eats into repatriated corporate earnings.
Total funds used by Japan for market interventions from January to July already broke the record for a full year set in 1999.—AFP
