Japan's central bank ended its eight-year negative interest rates regime last month.
The Japanese yen boomeranged back on Monday after plunging to its lowest point against the dollar in over three decades last week, fueling speculation Tokyo had intervened.The Wall Street Journal, citing anonymous sources familiar with the matter, reported the government had moved swiftly to support the currency was behind the sudden rally.The yen has been generally depreciating against the greenback as the U.S.
The yen had been trading at no higher than about 150 versus the dollar since March, when Japan's central bank ended the negative interest rates the country implemented in 2016 in an effort to spur growth.'I won't comment now,' said Masato Kanda, Japan's vice finance minister for international affairs, when asked on Monday if the government had moved stepped in to shore up the yen. He later told reporters the volatility the currency was showing was abnormal.
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