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Japan intervenes in forex market to stem yen's slide

Yen had fallen against the dollar after the BOJ kept its ultraloose monetary policy

Japan's government intervened on Thursday in the foreign exchange market to sell dollars for yen to stem the Japanese currency's recent sharp falls. (Source photos by Reuters and Kento Awashima)

TOKYO -- The Japanese government and the Bank of Japan have intervened to buy the yen and sell dollars for the first time in about 24 years after the currency weakened on indications that the central bank would stick to its ultraloose monetary policy.

The intervention on Thursday was confirmed by Masato Kanda, Japan's vice finance minister for international affairs. It followed a slide in the yen after BOJ Gov. Haruhiko Kuroda made bearish remarks that indicated he had no intention to raise rates any time soon.

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