February 11, 2016 / 3:42 PM / 3 years ago

CHRONOLOGY-History of Japanese FX intervention

LONDON, Feb 11 (Reuters) - Currency markets were jarred on Thursday by concerns Japan’s government would intervene directly to cap this month’s 9 percent surge in the yen - its strongest gain since the 2008 banking crisis.

Japan’s last round of intervention, conducted in the months after a massive earthquake and nuclear disaster in 2011 drew no major objections internationally, despite running against a G7 consensus that major currencies should float freely.

The following is a chronology of moves in foreign exchange markets by the Bank of Japan since the 1980s:

Oct 31, 2011 - The last intervention before the BOJ embarked on a massive monetary expansion under new chief Haruhiko Kuroda. The yen fell from a record high of 75.30 per dollar.

Aug. 4, 2011 - Japan intervenes to curb gains that officials fear threaten to derail recovery from an economic slump triggered by March’s earthquake. The yen falls from 76.98 to 80.25 yen.

March 18, 2011 - G7 nations jointly intervene to stem yen strength when the currency spikes against the dollar after a massive earthquake.

Sept. 15, 2010 - Japan intervenes for the first time in six years after the U.S. dollar hits a 15-year-low of 82.87 yen.

October 2008 - As the global financial crisis hits home, the yen hits a 13-year high of 90.87 vs the dollar, prompting the G7 to issue a statement singling out the yen in warning on market volatility. No intervention follows.

March 2004 - The end of a 15-month campaign to curb the yen’s rise in which Japan spend a total of 35 trillion yen, or more than $300 billion, on intervention.

May-June, 2002 - Bank of Japan intervenes to sell yen, often supported by the U.S. Federal Reserve and European Central Bank. The yen continues to gain against the dollar.

Sept 2001 - BOJ intervenes to sell yen after the September 11 attacks on U.S. The ECB and New York Federal Reserve both operate on behalf of BOJ.

January 1999 to April 2000 - Bank of Japan (BOJ) sells yen at least 18 times, including once via the Federal Reserve and once via the ECB, due to worries strong yen will choke off an economic recovery. Yen continues to strengthen.

April-June 1998 - With yen weakening, BOJ intervenes to support its currency, eventually backed by U.S. authorities.

April 1994 - August 1995 - United States intervenes repeatedly, often in concert with Japanese and individual European central banks, to prop up dollar. The last coordinated intervention with European banks in this period takes place on August 15, 1995.

February 1987 - Louvre Accord to strengthen the dollar.

September 1985 - Plaza Accord to weaken the dollar. (Reporting by Anirban Nag and Patrick Graham)

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