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ECB concerns over US selling euros for yen
Press reports indicated that the United States sold euros to purchase Japanese yen on an unprecedented scale to support the Asian currency, without prior notice to the European Central Bank. This intervention has angered officials at the European Central Bank, who considered the use of the euro beyond the usual coordination among Western monetary authorities. The measure aims to protect American markets from waves of selling US Treasury bonds and to boost yields, with both the US and Japanese sides reaffirming their readiness to intervene again if necessary. Japan also announced plans to utilize a credit facilitation from the Federal Reserve to obtain dollar liquidity through its bonds, in order to avoid disruptions in the currency markets.
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