Japan intervened to strengthen the yen for the first time since the late 1990s on Thursday, after the currency tumbled to a 24 year low on pledges by the central bank to stick with its ultra-loose policy.
The intervention, which traders said was conducted shortly after 5pm local time in Tokyo, caused the yen to surge from ¥145.83 to ¥142.39 to the dollar in the space of a few minutes.
The yen had previously tumbled after Haruhiko Kuroda, the Bank of Japan governor, signalled it would leave its forward guidance unchanged for the next two to three years.
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