Bank of Japan Intervenes in Foreign Exchange Markets After Yen Slips to 24-Ye...
While the greenback has been rising higher, the Japanese yen tapped a 24-year low and Japan decided to intervene in foreign exchange markets (forex) for the first time since 1998. Reports say the Bank of Japan conducted the first forex intervention in 24 years, after the Japanese central bank kept its benchmark bank rate suppressed for quite some time. Following the intervention, the yen rallied as the U.S. dollar took a steep dive against the Japanese yen during Thursday’s trading sessions. However, the greenback has stepped back up to the plate and the yen’s recent gains....
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Japan-based Fukui Bank has joined the blockchain consortium for domestic and foreign exchange services launched by Japanese financial services giant SBI Holdings and its subsidiary, SBI Ripple Asia. With its latest addition, the consortium now sees 43 participating members. Announced by SBI Holdings last week, Fukui Bank joins the working group, named “Consortium for Considering Blockchain Technology to Centrally Provide Domestic and Foreign Exchange Services” that aims to develop a blockchain-based remittance infrastructure. The consortium was first announced in August this year, with 15....
If there was anyone left on this planet who thought there was nothing going on with the Chinese economy you might want to rethink that statement very soon. Over the past few months, the Chinese Yuan has been losing value, and things have taken a turn for the worse now that China suspended some foreign banks from FX trading. Capital outflows for the Chinese Yuan are getting out of hand, as investors are looking for a different safe haven. A country’s central bank does not often suspend [some] foreign exchange businesses of other foreign banks for an extended period of time. Every bank in....
Starting on 1 January 2016, credit and debit cards denominated in the Nigerian naira will no longer be enabled for international use. The decision by the Central Bank of Nigeria to ban credit and debit card purchases abroad comes amid declining foreign exchange liquidity and aims to slow the flow of foreign exchange out of the country. News of the ban broke via BBC. So far one Nigerian bank, Standard Charter, has informed customers of the impending change. The Nigerian economy, the twentieth largest in the world, has been hard hit by falling oil prices, and the unofficial value of the....
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