February 29, 2016 / 10:18 AM / 3 years ago

Japan didn't intervene in FX markets in Feb - finance ministry

A picture illustration shows Japanese 10,000 yen notes featuring a portrait of Yukichi Fukuzawa, the founding father of modern Japan, taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao/Files

TOKYO (Reuters) - Japan did not intervene in currency markets between Jan. 28 and Feb. 25, the Ministry of Finance said on Monday, even as the yen looks set to post its biggest monthly gain since October 2008 this month.

On Feb. 11, the yen shot up to a 15-month high of 110.985 to the dollar JPY= on safe-haven bids as investors fretted over the global slowdown.

The Japanese currency quickly, however, stepped back sharply from that level later in the same day, raising speculation that the Japanese authorities might have intervened.

By far the majority of market players have said, however, it was highly unlikely Tokyo intervened in the market, given rising global concerns over a currency war.

Reporting by Hideyuki Sano; Editing by Jacqueline Wong

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