(Bloomberg) Japan’s top currency official Masato Kanda pledged to take appropriate action against excessive swings in the foreign exchange market, saying he sees speculative moves behind the yen’s plunge earlier Wednesday to a 34-year low. Most Read from BloombergTrump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest PeopleBiden Gains Ground Against Trump in Six Key States, Poll ShowsTrump Vows to Pay Fraud Trial Bond Cut by 68% to $175 MillionJapan Amps Up Intervention Th
Japanese Yen staged in a notable rebound in European session, triggered by heightened market vigilance towards market interventions. This reaction comes in the wake of a significant meeting between Japan's Ministry of Finance, Financial Services Agency, and Bank of Japan, marking the first such tripartite gathering since last May. The meeting was called into action as Yen plunged to a 34-year low against Dollar briefly, prompting concern over the currency's rapid depreciation.
The chief financial regulators from Korea and Japan agreed to expand the two nation s cooperation into digital transformation and financial innovation in addition to financial cooperation.