The Japanese government has intervened for the first time in 24 years to intervene in the foreign exchange market to prevent the yen from depreciating

Xinhua News Agency, Tokyo, September 22 (Reporter Liu Chunyan) Due to the sharp fluctuations in the exchange rate of the dollar on the dollar, the Ministry of Finance of Japan announced on the 22nd that the exchange market was intervene to prevent the yen from devaluation. This is the first time that the Japanese government has intervened in the foreign exchange market since June 1998.

The Federal Reserve Commission announced on the 21st that it would raise 75 basis points again, and hinted that interest rate hikes may continue until next year. Affected by this, on the 22nd, the exchanges against the US dollar on the 22nd were softened on the US dollar exchange rate.

On the afternoon of the 22nd, the Bank of Japan held a monetary policy meeting to announce that it would continue to adhere to the current super loose monetary policy and maintain interest rates unchanged. Kuroda Hitza Kuroda, governor of the Bank of Japan, said that large -scale currency easing policy is necessary for supporting the recovery of the Japanese economy from the downturn caused by the new crown epidemic. After the news was announced, the yen's exchange rate against the US dollar fell further. On the same day, it was approaching the 146 to 1 mark on the day, a new low in 24 years.

In order to prevent the Japanese yen from continuing to fall, the Ministry of Financial was intervened later on the same day and sold the exchange rate by buying the Japanese yen and selling the US dollar. Then the yen rose to the US dollar exchange rate to 140.78 to 1. As of the end of Tokyo's foreign exchange market transaction, the exchange rate of the yen to the US dollar was about 142.2 to 1.

The Researcher Ito Basic Institute of Nature Basic Research Institute said that the Bank of Japan adheres to the super loose monetary policy to become the focus of the market and puts more downward pressure on the Japanese yen. The measures to interfere with the exchange rate of the Japanese government can be observed.

[Editor in charge: Liu Xiaodong]

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