No Large-Scale Forex Intervention Conducted Fri.: Market Estimates

Tokyo, Jan. 26 (Jiji Press)--There was no large-scale yen-buying intervention by the Japanese government and the Bank of Japan on Friday, estimates by market sources suggested on Monday.

On Friday, the dollar suddenly plunged from above 159 yen to near 157 yen just after BOJ Governor Kazuo Ueda's press conference. Some in the market speculated that there may have been yen-buying intervention.

However, market analyses of BOJ current account deposit data released on Monday suggest that it was not such intervention or was only small-scale intervention.

Some market participants believe that the BOJ conducted a rate check, a precursor to market intervention, on Friday. There is also speculation that the U.S. Federal Reserve also conducted a rate check late last week.

Amid this speculation, the dollar temporarily fell below 154 yen on Monday.

[Copyright The Jiji Press, Ltd.]