Published: 16:08, October 22, 2022 | Updated: 16:22, October 22, 2022
Japanese yen rebounds amid signs of new forex intervention

A person wearing a protective mask walks past an electronic stock board showing Japan's Yen/US dollar exchange rate at a securities firm in Tokyo on Oct 19, 2022. (EUGENE HOSHIKO / AP)

TOKYO – The Japanese yen jumped against the US dollar on Saturday after days of falling and local media reported that Japanese authorities intervened again to buoy the currency.

Nikkei Asia citing unidentified sources reported that Japan's government and central bank intervened in the currency market early Saturday to stop a falling yen, triggering a dramatic rebound against the dollar.

READ MORE: Japanese yen slumps to 32-year low vs US dollar

The currency surged about 7 yen in an hour during New York trading to touch the 144 level, after hitting a fresh 32-year low of 151.95 on Friday, the Japanese newspaper website said.

Masato Kanda, Japan's vice finance minister for international affairs, told the press that he would not comment on whether an intervention had taken place.

Analysts here pointed out that the yen is likely to weaken further amid expanding inflation, and that any intervention would have limited impact as long as the Bank of Japan maintains its ultra-loose monetary policy.

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In September, the Japanese government intervened to stem the yen's decline for the first time since 1998 after it weakened to 145.9 per dollar.