On Thursday, when the Bank of Japan went against the grain of other central banks by not raising interest rates, the yen strengthened against the dollar.
On Thursday, the Bank of Japan went against the grain of other central banks by not raising interest rates, causing the yen to strengthen versus the dollar.
Timed to coincide with the end of trading in Japan, the dollar plunged to a low of 142.10 yen (from 144.08 yen earlier in the day).
Bloomberg cited Vice Finance Minister for International Affairs Masato Kanda as stating the government took "strong action" in the markets.
Earlier today, the Bank of Japan left interest rates steady, and Governor Haruhiko Kuroda indicated the central bank has no intentions to raise rates to match.
Following the intervention, U.S. stock futures began to rise.The rising value of the dollar has been perceived as a drag on risky assets.