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U.S., Japan, South Korea hint at currency market intervention to stop dollar's rise

Section: Daily Dispatches

Dollar Rally Stalls After Rare FX Warning from Finance Chiefs

By Amanda Cooper
Thursday, April 18, 2024

LONDON -- The dollar fell for a second day today after a rare warning by the finance chiefs of the United States, Japan, and South Korea over the sharp decline in other currencies, which in turn offered the yen some rare respite.

The yen got a modest lift after Japan's top currency diplomat Masato Kanda said finance leaders of the G7 reaffirmed their stance that excessive currency volatility was undesirable.

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Strong U.S. economic data and persistent inflation have prompted investors to drastically rethink the chances of the Federal Reserve cutting rates any time soon. Tension in the Middle East has also added to the dollar's safe-haven appeal.

The upshot has been that other currencies, particularly in Asia, have been battered. The yen has been pinned near 34-year lows, prompting several warnings from Japanese authorities as traders fret about possible intervention.

The United States, Japan, and South Korea agreed to "consult closely" on foreign exchange markets in their first three-way finance dialogue on Wednesday, in a nod to the concerns of Tokyo and Seoul over their currencies' recent sharp declines.

"It sends another strong signal to market participants that Japan and South Korea are moving closer to stepping into the FX market, while at the same time officials from Japan and Korea will be hoping that the joint statement with the U.S. helps to strengthen the credibility of verbal intervention as well," said MUFG strategist Lee Hardman. ...

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