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Japan intervenes to prop up yen ahead of central bank's rate decision
By Leika Kihara
Reuters
Thursday, July 30, 3036
TOKYO -- Japan conducted yen-buying, dollar-selling market intervention in New York markets today, a market source said, pulling the sagging currency from four-decade lows.
The move came ahead of the Bank of Japan's policy decision on Friday, where the central bank is widely expected to keep interest rates steady at 1% but signal its readiness to continue pushing up borrowing costs.
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U.S. Treasury Secretary Scott Bessent said today that Japan may have intervened to prop up its yen currency, according to a Fox Business Network reporter, who added Bessent said the yen "seems very undervalued to me." ...
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