TOKYO (TR) – The Japanese government moved to weaken the yen Monday after the dollar hit a record low of 75.31 yen, Reuters news reported.
The currency weakened nearly 4 percent early in the day from around 75.65 yen to above 79 yen after the intervention at 10:25 a.m. local time, according to Reuters.
Finance Minister Jun Azumi did not comment on the size of the intervention at an ad-hoc news conference Monday, the news service reported. “I have repeatedly said that we would take decisive steps against speculative moves in the market,” he said, according to Reuters.
It’s the second time within three months the Japanese government has stepped in the currency market. On August 4, Tokyo intervened with a record 4.5 trillion yen ($59 billion) to curb the currency’s appreciation against the U.S. dollar.