Iran war-driven surge in oil prices pushes Japan toward yen intervention

Trade deficit fears and low preholiday trading volume factor into decision

Atsushi Mimura, Japan's vice finance minister for international affairs, speaks to reporters at the Finance Ministry in Tokyo on May 1. (Photo by Jo Ishibuchi)

TOKYO -- Japanese authorities this week intervened in the currency market for the first time in more than a year and a half, seeking to buffer the yen from the impact of higher energy prices brought about by the Iran war.