US Treasury Secretary Janet Yellen said on Tuesday that she did not discuss currency intervention with Japanese officials.
Additional quotes
Countries in G7 should have market-determined exchange rates.
Currency intervention warranted only in 'rare and exceptional circumstances'.
Also read: Japan’s Suzuki: Told Yellen we are concerned about rapid yen weakening recently
Market reaction
The yen seems to have caught a strong bid on the above comments, dragging USD/JPY sharply lower.
At the time of writing, USD/JPY is trading at 136.92, down 0.36% on the day.