(Bloomberg) -- Bank of Japan Governor Haruhiko Kuroda said the government’s intervention in the foreign exchange market last week was appropriate given the recent volatility in the yen. Most Read from BloombergUK Market Selloff Slams Gilts, Pound, Piling Pressure on BOEJohn Paulson on Frothy US Housing Market: This Time Is DifferentBank of England Says Paper Banknotes Only Good for One More WeekWall Street Banks Prep for Grim China Scenarios Over TaiwanInterpol Issues Red Notice for Terra’s Do K
As the US Federal Reserve and other major central banks embark on vigorous interest rate rises to combat inflation, Japan is now the only country in the world that still has negative rates. It paid the price for that position on Thursday, after the Swiss National Bank lifted its rates into positive territory. A pledge by the Bank of Japan to stick with its ultra-loose monetary policy drove the yen to a 24-year low.