US Treasury Secretary Janet Yellen said any intervention by Japan to prop up the yen would be understandable if it were aimed at smoothing out volatility — not at affecting the level of the exchange rate.
“It would depend very much on the details,” Yellen said Tuesday when asked whether the Treasury Department would be understanding if Japan intervened to buy yen in the foreign-exchange market. “We usually communicate with them about these interventions.”
Earlier this month, Japan issued its strongest warning in weeks over sharp currency moves, raising the odds of government intervention if the slump continues. The Japanese government intervened to prop up the yen last year for the first time since 1998 after the currency tumbled around 20% against the dollar and hedge funds kept adding to short bets on the yen. Group of Seven nations have long agreed as a basic principle to let markets set exchange rates.
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