Japan conducts massive yen-buying in New York markets

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Japan conducted a large yen-buying and dollar-selling intervention in New York markets on Thursday, the Nikkei newspaper reported, citing market sources. The paper also said U.S. authorities carried out so-called rate checks, which are precursors to currency intervention, indicating Tokyo and Washington were working together to prevent yen declines. The combined reports suggest coordinated policy action that could affect liquidity and price moves in the dollar/yen market in the near term and prompt market participants and global investors to watch for official confirmation and any additional intervention.

Japan bought yen and U.S. rate checks signaled coordinated intervention