Japan steps up yen intervention battle

Following on from a spree the previous week, Japan’s Ministry of Finance spent "a pretty large amount" in the markets on Thursday, dealers said. The intervention came at around mid-day central European time last Thursday (May 15) and saw the yen jump from ¥115.2 per dollar to ¥116.

Although the move was not unexpected, given Japan’s interventionist leanings and the continued weakness of the dollar, the timing of the yen selling was surprising. Finance ministers of the Group of Seven (G7) nat