TOKYO (Reuters) – U.S. Treasury Secretary Janet Yellen said Japan has explained its intervention in the currency market in 2022, the Business daily reported on Saturday.
“The Japanese government has made it clear to us that they see volatility,” Yellen told Nikkei in an interview, referring to Japan’s currency intervention in 2022.
“There were some pretty big moves in a short period of time. Of course, they weren’t driven by any fundamental changes,” Yellen was quoted as saying by Nikkei.
She gave a speech to the Nikkei in Brazil, where she was attending the G20 financial leaders meeting.
Japan has carried out massive yen-buying interventions in 2022 and 2024 as an excessive depreciation of the currency could hurt households through more exorbitant imports.
