The Japanese currency rate exceeded 145 yen per dollar for the first time since 1998, as the Bank of Japan is sticking to ultra-low interest rates and the US central bank has further raised interest rates.
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The senior official indicated that the Japanese government can intervene at any time to intervene in the foreign exchange market. Japan has long been criticized by trading partners for tolerating or even encouraging a low currency as it increases exports.
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The last time Japan supported the yen with direct intervention was in 1998, when the exchange rate hovered around 146 yen per dollar, threatening a fragile economy.
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