off-the-wire

US Treasury informed banks that it may intervene in yen, source says

Kitco Media
By Reuters
Published:
Updated:
Reuters
US Treasury informed banks that it may intervene in yen, source says teaser image

July 31 (Reuters) - The U.S. Treasury has informed a ​number of banks ‌that it may intervene in the yen ​market on Friday ​and that they should "stand ⁠ready for future ​action," a source familiar ​with the matter told Reuters.

The notice to banks, ​channeled through the ​Federal Reserve Bank of New ‌York, ⁠comes a day after Japanese authorities stepped in to prop ​up the ​yen, ⁠setting the currency up for ​its biggest weekly ​rise ⁠since February, pulling it off of ⁠four-decade ​lows against ​the dollar.

Reporting by David Lawder; ​Editing by Chizu Nomiyama

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