Officials at the Federal Reserve Bank of New York, which handles currency trading, and the Treasury Department would neither confirm nor deny intervention. But currency traders with knowledge of the Fed's activities said it was aggressively selling yen and buying dollars. As for the size of the Fed's intervention, most traders said it was not terribly significant, but Masakazu Miyamori, the chief currency trader at the Sanwa Bank in New York, said the Fed had sold huge amounts of yen to buy dollars for its own account.
Full text: San Francisco Chronicle (pre-1997 Fulltext), Mar 25, 1987
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