Yen rallies after Japan unilaterally intervenes for first time in 24 years

USDJPY, -0.84% dropped to 142.20 yen from 144.08 yen on Wednesday. First intervention to support Japan’s currency since 1998. Bank of Japan earlier in the day kept interest rates unchanged. The European Central Bank and People’s Bank of China also may help push back against dollar strength. Japan’s intervention comes ahead of a market holiday on Friday in which volumes would be expected to be thin, and volumes are likely to be low on Friday. The yen’s fall was “one-sided” and driven by speculation.

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