Tokyo intervened in the currency markets for the first time in more than six years, a move that immediately sent the yen lower against the dollar but attracted criticism from Europe over Japan’s decision to act alone.
The unilateral intervention on Wednesday also marks a further easing of monetary policy, since the Bank of Japan has decided to leave in the market the yen which were used to buy dollars, where they will add to general liquidity.
The intervention had the desired impact, with the Japanese currency weakening by Y3 against the dollar, in an attempt to shore up the economy’s gradual recovery from its sharpest post-war recession.
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