During a rate check, a central bank or government authority asks financial institutions for an indicative or immediately tradable exchange rate. The action falls between verbal intervention, where officials attempt to influence exchange rates through public statements, and direct intervention using government funds. The New York Fed reportedly conducted another USD/JPY check on behalf of the U.S. Treasury last week after Japanese authorities bought yen. Currency intervention normally involves an authority's domestic currency, raising questions about why Washington signalled possible action involving the euro. Related articlesWhat is a "rate check" in foreign exchange?