The Japanese government and the Bank of Japan (BoJ) intervened on Thursday in the foreign currency market for the first time since 1998 as the US dollar reached a 24-year-high against the yen. Japanese Vice Minister of Finance for International Affairs Masato Kanda confirmed the government reacted by selling dollars for yen.
Kanda added that "markets are making very volatile moves" and that Japan "cannot tolerate excess volatility and disorderly currency moves." Earlier today, the BoJ decided to leave its interest rate unchanged "for the time being."
