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Yen strengthens after Japan intervenes to support yen for first time since 1998

Thursday,   22-Sep-2022   03:20 PM (IST)

The Japanese yen strengthened sharply on Thursday after authorities intervened in the foreign exchange market for the first time since 1998 to shore up the battered currency. The dollar tumbled to as low as 140.31 yen, and was last down 1.2% at 142.37 in highly volatile markets. The euro, Australian dollar and pound also plunged against the yen. Japan's first intervention in the currency market to shore up the battered yen since 1998 came in the wake of the central bank's decision to maintain ultra-low interest rates that have been driving down the currency. Even after Thursday's moves, the dollar is still up 23.4% against the yen this year.