FED Minutes Reveal Dollar-Yen Exchange Rate Check by New York Fed

The Federal Reserve's meeting minutes, released on February 19, indicate that during the January meeting, Roberto Perli, the manager responsible for the Fed's financial market operations, highlighted reports of the New York Fed's trading department conducting an 'exchange rate check' on the USD/JPY pair. According to Jin10, this action led to a significant depreciation of the dollar. Perli clarified that the inquiry was conducted by the New York Fed as a financial agent for the U.S. Treasury, fully representing the Treasury's operations. Following the release of the minutes, the USD/JPY experienced a sharp decline of over 40 points, reaching a low of 154.33.