Yellen: Understand the underlying need to smooth y

Aihucha News, September 20: U.S. Treasury Secretary Yellen said in an interview on the sidelines of the UN General Assembly that if Japan’s foreign exchange intervention is to smooth fluctuations rather than affect the exchange rate level, then Japan will support any intervention in the yen. It's all understandable. "A lot depends on the details," Yellen said. “We normally communicate with them about these interventions.” In recent weeks, Japanese officials have expressed growing concern about a weaker yen, which could hurt domestic purchasing power. The yen has been hovering near 10-month lows against the dollar. Earlier this month, Japan issued its strongest warning of currency swings in weeks, raising the prospect of government intervention if the economic downturn persists. Last year, the Japanese government intervened to boost the yen for the first time since 1998.