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Yen jumps after authorities intervene for first time since 1998.

The Japanese yen rose sharply against the dollar on Thursday after authorities intervened in the foreign exchange market for the first time since 1998 to shore up the battered currency.

The dollar fell over 1% to as low as 142.3 yen, having earlier traded more than 1% higher against the Japanese currency. It was last down 0.42% at 143.4.

The Japanese government intervened in the foreign exchange market to sell dollars for yen to stem the Japanese currency’s recent sharp falls, top currency diplomat Masato Kanda said on Thursday.

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