Yen jumps as Japan intervenes in currency market for first time since 1998

LONDON (Reuters) – The Japanese yen rose sharply against the dollar on Thursday after Japanese authorities intervened in the forex market for the first time since 1998 to shore up the battered yen.

The dollar was last down nearly 1% at 143.5 yen, having earlier traded more than 1% higher against the Japanese currency.

The Japanese government has intervened in the foreign exchange market to sell dollars for yen to stem the Japanese currency’s recent sharp falls, top currency diplomat Masato Kanda said on Thursday.

(Reporting by Alun John, editing by Dhara Ranasinghe)