Yellen says Japan explained 2022 FX intervention, Nikkei reports

TOKYO : U.S. Treasury Secretary Janet Yellen said Japan had explained its intervention into the currency market in 2022, the Nikkei Business daily reported on Saturday.

“The Japanese government did explain to us that they saw volatility,” Yellen told the Nikkei, referring to Japan’s forex intervention in 2022.

“There had been quite large movements in a short period of time. Not, obviously, driven by any fundamental changes,” Yellen was quoted as saying by the Nikkei.

She spoke to the Nikkei in Brazil where she was attending a meeting of G20 finance leaders.

Japan conducted massive bouts of yen-buying intervention in 2022 and 2024 as the currency’s excessive fall could hurt households because of costlier imports.