Fed admits to dollar-yen "rate check" in late Jan. when yen jumped

The U.S. Federal Reserve confirmed it had conducted a "rate check" on the dollar-yen pair in late January, a move typically thought to precede a market intervention, according to the central bank's meeting minutes released Wednesday.Caution over a possible yen-buying intervention to stem the currency's weakening grew following media reports on rate checks at that time, leading the yen to appreciate rapidly against the dollar.The minutes of the Jan. 27-28 policy meeting said that, in the days leading up to the gathering, the dollar had "depreciated markedly" after reports on rate checks.The …READ FULL ARTICLE