Yellen says Forex intervention only warranted in 'rare circumstances' - WSJ

The head of the US Treasury Department showed reluctance to intervene in foreign exchange markets in support of the yen.

Speaking during her tip to Tokyo, Treasury Secretary, Janet Yellen, said Washington favoured market-determined exchange rates, the Wall Street Journal's Andrew Duehren reported.

She added that FX interventions were only warranted "in rare and exceptional circumstances".

The two sides did broach the yen's substantial depreciation but policy wasn't discussed, she reportedly added.

Yellen also said that the US wanted to communicate closely with Japan and other partners regarding exchange rate developments.