Japan intervenes in forex markets for first time since 2004

TOKYO, September 15, 2010 (AFP) – Japan on Wednesday intervened in currency markets for the first time since 2004 in a bid to stem the yen’s appreciation against the dollar, Finance Minister Yoshihiko Noda said. The dollar had hit a fresh 15-year low of 82.86 yen in Tokyo before gaining sharply following the intervention, which Noda said was ordered at 0130 GMT.

Following the move, the Japanese unit tumbled from its mid-morning high to 84.22 against the greenback just after 0200 GMT.

“We conducted a market intervention,” Noda told reporters. “We will continue to monitor the movement of the market and take determined steps, including intervention, when necessary.

The yen had gained after Japanese Prime Minister Naoto Kan won a party leadership battle Tuesday.