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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden

Japan forced to prop up yen after bank keeps to negative interest rates

Japan Interest Rates BOJ United States Inflation
An employee of foreign exchange trading company Gaitame.com stands next to monitors displaying the Japanese yen exchange rate against the US dollar at its dealing room
The Japanese government sold US dollars from its reserves after the yen slumped. Photograph: Kim Kyung-Hoon/Reuters

Japan has intervened to prop up the yen for the first time since 1998, after it hit a 24-year low as its central bank resisted the trend for higher interest rates.

Tokyo was forced to take action in the foreign exchange market to shore up its weakening currency, after the Bank of Japan (BoJ) maintained its ultra-loose monetary policy on Thursday.

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