LONDON—The Japanese yen strengthened on Thursday after authorities intervened in the foreign exchange market to shore up the battered currency for the first time since 1998, although trading was choppy.
The dollar was last down 1.17 percent at 142.42 yen. It hit a low of 140.31 after the intervention, having earlier reached a fresh 24-year peak of 145.9 yen.
The spread between the day’s high and low for the pair was the widest since June 2016.
The euro, Australian dollar, and pound also plunged against the Japanese currency, before regaining a little ground.
“We have taken decisive action,” vice finance minister for international affairs Masato Kanda told reporters, responding in the affirmative when asked if that meant intervention….