Government steps in to support yen as BOJ maintains dovish stance

The Bank of Japan stuck to its accommodative monetary policy on Thursday as the government took a surprise move to intervene in the currency market amid rising inflation and a sharp drop in the value of the yen against against the dollar.

Right after the BOJ announcement, the yen’s weakening accelerated past the key ¥145 line, prompting the Japanese government to greenlight a yen-buying intervention for the first time in 24 year. The intervention briefly pushed the yen rate up to the ¥140 level.

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