Yen rallies after Japan unilaterally intervenes

for first time in 24 years

Against the Japanese yen, the dollar fell sharply on Thursday,

after the Bank of Japan did not raise interest rates in defiance of other central banks.

Japan unilaterally intervenes

During the close of the Japanese business day, the dollar dropped from 144.08 yen to 142.20 yen.

Deputy finance minister Masato Kanda said the country took bold actions in markets, according to Bloomberg.

As Japan's currency fell 23% to 24-year lows this year, expectations were growing that it may intervene.

Whether the change will have any impact on the Japanese yen's long-term decline is the big question

Japan's intervention also comes before a holiday on Friday that is likely to result in light trading volumes.

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