Japan\’s top foreign exchange official declined to comment on whether it had intervened in currency markets

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Japan\’s top foreign exchange official declined to comment on whether Tokyo would intervene in currency markets on Monday after sharp market volatility sent the dollar down 2% against the yen.

Japan\’s top foreign exchange official declined to comment on whether Tokyo would intervene in currency markets on Monday, after sharp market volatility sent the dollar down 2% against the yen.
When asked whether the authorities had intervened in the market to support the yen, Masato Kanda, who is in charge of international affairs at the Ministry of Finance, said he would not comment at the moment.
Earlier on Monday, the yen fell below the 160 mark against the U.S. dollar for the first time since 1990.
As there is still a significant gap between interest rates in the United States and Japan, the yen remains under pressure.
Expectations for the Federal Reserve to cut interest rates have repeatedly declined. Although the Bank of Japan raised interest rates in March (for the first time since 2007), the Japanese yen continued to weaken.
The Bank of Japan stayed on hold last week as expected, further exacerbating the yen\’s decline.

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