Japan’s Mimura says past Japanese Yen intervention demonstrated effect

Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, said that intervention to prop up the yen two months ago was successful, and some US authorities voiced support, Bloomberg reported on Wednesday. His comments suggested he views the move as an effective strategy as the Japanese Yen (JPY) hovers at a four-decade low.

Key quotes

Past yen intervention demonstrated effect. 

Tokyo’s intervention since April has helped curb yen’s slide versus dollar. 

No objections received from US on intervention since late April. 

Market reaction

At the time of writing, the USD/JPY pair is trading around 162.75, up 0.12% on the day.