Japan intervenes to boost yen for first time in more than 20 years

Yen Sign Sitting over Blue Financial Bar Graph - Stock Market and Finance Concept

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  • Japan moved to prop up the yen Thursday after it fell to a 24-year low against the U.S. dollar on the heels of continued loose monetary policy.
  • Masato Kanda, vice minister of finance, confirmed the intervention in brief comments to reporters, the Wall Street Journal reported.
  • The yen (NYSEARCA:FXY) is now up 1.1% against the greenback (USDOLLAR) (UUP) around 142.50 having topped 145 earlier.
  • It's the first time Japan has defended its currency since the late '90s.
  • Earlier, the Bank of Japan decided to keep rates at ultra-low levels as other global central banks continue with sharp tightening.

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