Japanese and South Korean officials stepped in to buy their currencies in the open market in what sources described as a rare and an unprecedented coordinated market intervention, possibly alongside the United States (US), Reuters reported on Friday.
The intervention late Thursday boosted the Japanese Yen (JPY) away from the 40-year lows, although traders were back testing Tokyo’s resolve on Friday as the Bank of Japan (BoJ) left the interest rate unchanged, as widely expected.
The move in the JPY came around the same time as the Korean Won strengthened 2% to its highest in nine months. A market source told Reuters that South Korea’s foreign…
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