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JPY Remains Firm; Japan Official Cites IMF Rule: Three Consecutive Days of Intervention Counted as One Action
The Japanese yen remained firm this morning (5th), last quoted at 157.23 against one USD. Foreign exchange traders continue to monitor potential intervention by Japan in the curren...
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JPY Remains Firm; Japan Official Cites IMF Rule: Three Consecutive Days of Intervention Counted as One Action
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The Japanese yen remained firm this morning (5th), last quoted at 157.23 against one USD. Foreign exchange traders continue to monitor potential intervention by Japan in the currency market. An official from Japans Ministry of Finance said that under International Monetary Fund (IMF) rules, foreign exchange interventions conducted over three consecutive business days are regarded as a single action. Following reports of government intervention last Thursday (April 30), the yen has strengthened for three consecutive trading days.

The official noted that, according to IMF rules, up to three intervention actions within six months are still consistent with a free-floating exchange rate regime. If the number exceeds three, the IMF tends to classify the system as a floating exchange rate regime rather than a free-floating regime. Therefore, Monday (May 4) would be considered the third consecutive day of action since April 30.

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Market participants estimate that Japan intervened after the yen weakened to 160.72 against the USD last Thursday, with authorities possibly deploying about USD34.5 billion to support the currency. (mn/j)

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