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Japan Intervenes to Prop Up the Sliding Yen

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Japan announced on Thursday that it had intervened to prop up the value of the yen for the first time in 24 years, seeking to stanch the currency’s continuing slide against the dollar.The yen has lost over 20 percent of its value against the dollar over the past year pressuring Japan’s economy by making it more expensive to import many essentials including energy and food. The yen’s plunge has been caused largely by Japan’s determination to keep interest rates low even as the U.S. Federal Reserve cranks them up to fight inflation, pushing the dollar higher.The Japanese yen passed 145 to the dollar o …

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