New York/Washington, July 31 (Jiji Press)–The dollar plunged below 157.50 yen for the first time in about two and a half months in New York trading on Friday as the Japanese and U.S. authorities reportedly intervened in the foreign exchange market in coordination to stem the yen’s depreciation. The U.S. Treasury Department carried out a yen-buying, euro-selling market intervention Friday, the Financial Times reported. According to the British daily, it is the first time that Japanese and U.S. authorities have jointly bought the yen since 1998, when the Asian currency crisis was unfolding. On Thursday, Japanese authorities reportedly carried out a yen-buying, dollar-selling market intervention for the first time in about three months, pushing the dollar below 158 yen. But the greenback later rose back above 160 yen. The department has informed commercial banks that it may intervene in the Japanese yen market, an informed source said Friday. By signaling a possible intervention following a rate check Thursday, the U.S. side apparently hopes to curb speculative moves and demonstrate coordinated action between Japan and the United States to address the yen’s excessive weakness, analysts said. END [Copyright The Jiji Press, Ltd.]
Dollar Hits 2-Month Low below 157.50 Yen in N.Y.
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