The Yen: Reuters Intervenes

With the foreign exchange market fixated on possible joint intervention to weaken the yen, Reuters moved the Japanese currency yet higher on Aug. 26 with an exclusive from a senior euro zone source who said joint central bank intervention was not likely, not least because Europe and America were not that bothered. If the Bank of Japan wanted to act, it was on its own, was the message. The report was particularly timely a day ahead of a gathering of the world’s top central bankers in Jackson Hole, which investors were looking to for a steer on the yen. The currency rose from 107.55 to 107.10 against the euro after the story.