Japan’s intervention offers little defence for yen

Despite its direct intervention in currency markets and a ¥10 trillion extension of its monetary stimulus, Japan has little hope of reversing yen appreciation.

Japan’s intervention offers little defence for yen

Japan intervened in currency markets yesterday and loosened monetary policy as it made a show of weakening the yen to protect exporters.

Yoshihiko Noda, the finance minister, told reporters on Thursday morning that Japan was acting alone in selling the yen, but was in communication with other countries over its decision. Later in the day, the Bank of Japan said it would expand its asset-buying programme by 10 trillion $128 billion, taking its total...

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