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

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

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

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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