Japan Has Two More Windows for Yen Intervention by IMF Rules

Japan can conduct only two more sessions of three-day interventions by November if it wants to maintain its status of having a freely floating exchange rate, based on International Monetary Fund guidelines.

A Japan Finance Ministry official cited an IMF rule on Monday noting that three days of intervention count as a single market operation. The comments came after the yen surged last Thursday following reported intervention by the authorities, and also saw a number of intraday rallies on the following days.