Japanese Finance Minister Jun Azumi said on Friday that he had decided to intervene to weaken the yen last year when it hit 75.63 yen against the dollar, making a rare reference to a currency level that prompted authorities to take action.
His remarks before parliament stunned market players as policymakers usually refrain from discussing specific levels to avoid giving markets levels that they can test and to keep them guessing about triggers for intervention.
The minister said he had instructed his staff in October to intervene when the dollar hit 75.63 yen as the level was judged "perilous" to the Japanese economy and stopped the intervention at 78.20 yen early in November. (Reuters)
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