Bank Of Japan Confirms Yen Intervention, Fed Conducted 'Rate Check'

Bank Of Japan Confirms Yen Intervention, Fed Conducted 'Rate Check' Update (1645ET): Nikkei reports that market participants learned that the Japanese government and the Bank of Japan intervened in the foreign exchange market by buying yen and selling dollars. Additionally, Nikkei confirmed that the US monetary authorities conducted a "rate check," a preliminary step before intervention. This indicates that Japan and the US worked together to curb the yen's depreciation. *  *  * Having collapsed to its weakest relative to the dollar in 40 years, it appears the Ministry of Finance and Bank of Japan has had enough and intervened. Having tagged 164/USD, the Japanese currency suddenly exploded stronger (below 160/USD, which...

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