Yen strengthens after Japanese government dumps dollars to prop up the currency in its first intervention since 1998 - Bihari Gyan

Yen strengthens after Japanese government dumps dollars to prop up the currency in its first intervention since 1998

 Japanese yen climbed 1% against the dollar Thursday after authorities moved to prop up the currency.

 Tokyo is selling dollars and buying yen in a bid to stop recent sharp declines.

 It's the first time since 1998 that the Japanese government has intervened in currency markets.

The Japanese yen strengthened against the US dollar on Thursday after Tokyo intervened to prop up the currency following months of declines.

The dollar fell as much as 2.6% to 140.31 yen and was down 0.6% to 143.21 yen at last check.

The yen's rally came after the Japanese government said it would buy yen and sell dollars in a bid to shore up the currency. 

The yen has plummeted by almost a quarter against the greenback this year as the Bank of Japan

pursues ultra-loose monetary policies while the US Federal Reserve raises interest rates aggressively. 

"We have taken decisive action," said Masato Kanda, the vice-finance minister for international affairs, on Thursday.