Did Japan intervene to boost Yen? US official Janet Yellen cautions…

US Treasury Secretary Janet Yellen acknowledged that the yen had experienced significant shifts in a short period

Livemint, Written By Shivangini
First Published5 May 2024
Treasury Secretary Janet Yellen
Treasury Secretary Janet Yellen

US Treasury Secretary Janet Yellen addressed recent fluctuations in the yen's value, noting its sharp movements but refrained from confirming if Japan had intervened in the currency market. Speaking to reporters in Mesa, Arizona, after a speech, Yellen said, “I’m not going to comment on whether they did or didn’t intervene. I think that that’s a rumour," as per Bloomberg.

Also Read | Japan’s Kanda Declines to Say If Authorities Intervened on Yen

Yellen acknowledged that the yen had experienced significant shifts in a short period, stating, “We would expect these interventions to be rare and consultation to take place.”

This statement follows reported actions by Japanese authorities who purportedly entered the market to bolster the yen after it fell beyond 160 to the dollar for the first time in 34 years, and again after comments by Federal Reserve Chair Jerome Powell on U.S. interest rates, the report further added.

Also Read | Dollar recoils at 160 yen, Tesla's China joy

Analyses suggest that Japan may have spent close to $60 billion on these market interventions. However, Japan's Finance Minister Shunichi Suzuki did not confirm the interventions, as per Bloomberg.

Also Read | Culinary diplomacy: The internet is obsessed with what Janet Yellen eats in China

Over the past two years, Yellen's comments on potential Japanese interventions have varied, often highlighting a Group of Seven agreement favouring market-determined exchange rates. She reiterated that interventions should only aim at reducing market volatility, not at manipulating exchange rates, as per the report.

Yellen's visit to Arizona, a key battleground state, was part of a broader discussion on the Biden administration’s economic policies. In Sedona, she also spoke about the implications of a democratic backslide on the U.S. economy, emphasizing the connection between democratic stability and economic strength, the report explained.

(With Inputs from Bloomberg)

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