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Why Japan's $70 billion-plus intervention and a rate hike didn't prop up the yen more
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- Japanese Finance Minister Satsuki Katayama is increasingly finding herself in an unenviable position on the foreign-exchange front.
- Masahiko Loo, senior fixed income strategist at State Street Investment Management, said that the rate hike was widely expected, making it a little more than a "Band-Aid on a bullet wound" for the yen.
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Japanese Finance Minister Satsuki Katayama is increasingly finding herself in an unenviable position on the foreign-exchange front.
After deploying over 11.7 trillion yen ($72.8 billion) in foreign reserves to prop up the currency from April to May and the Bank of Japan raising policy rates to a more than three-decade high, the yen still languishes at the 160 level against the dollar.
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