Japan conducts massive yen-buying intervention, Nikkei reports

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TOKYO, July 31 : Japan conducted massive yen-buying, dollar-selling market intervention in New York markets on Thursday, the Nikkei newspaper reported, citing market sources.

U.S. authorities also conducted so-called "rate checks," which are precursors for currency intervention, a sign Tokyo and Washington were working together to prevent yen declines, the paper said on Friday.

The Japanese finance ministry's foreign exchange division could not be reached immediately for comment.

The dollar sank to a more than two-month low against the Japanese yen on Thursday in what analysts said looked like official intervention by Tokyo to prop up the currency that had been languishing at four-decade lows. Against the yen, the dollar was down 2.6 per cent at 159.225 on Thursday.

Markets have been on alert for yen-buying by Japanese authorities, who have warned of action for months as the currency's weakness exacerbates the cost-of-living impact of rocketing energy import prices.

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