A source familiar with the matter said the Treasury, via the New York Fed, told a number of banks to stand by for possible future actions in the yen market.
The US Treasury has told a number of banks it may intervene in the yen market on Friday, according to a source familiar with the matter. The message was conveyed through the New York Fed, with banks instructed to stand by for "future actions." Such intervention typically involves official buying or selling in foreign-exchange markets to influence a currency’s value, and the warning signals authorities may be preparing for direct market activity involving the yen.