Can Japan avert 'disaster' with interventions to support the yen?

First forex intervention in decades highlights limit of what Tokyo can do alone

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The yen had depreciated to over 145 against the dollar in recent weeks, prompting Japan to directly intervene in the foreign exchange market for the first time in decades. © Reuters

TETSUSHI TAKAHASHI, Editor, Economic News Group

TOKYO -- During an animated news conference on Sept. 22, immediately after Japan's first direct yen-buying intervention in 24 years, the country's top currency diplomat briefly appeared to betray doubt.

"If Japan's national strength falls to a disastrous point, we may need help from different people," said Masato Kanda, the vice finance minister for international affairs who is often described as the country's "top currency diplomat."

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