The Bank of Japan has lifted its policy rate to the highest level in 31 years, but the yen remains unstable, prompting Japanese currency authorities to prepare for market intervention through a rate check. The Japanese government and the BOJ abruptly conducted a rate check around midnight on the 19th, Tokyo time, asking multiple financial institutions about levels in the yen-dollar market, according to the Nihon Keizai Shimbun and other outlets on the 20th. A rate check, in which authorities verify trading conditions and quotes at financial institutions, is generally seen as the step immediately preceding intervention. Markets responded immediately to the surprise move.
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