Currency Market: Japan mulling another intervention
If the yen continues to rise, Japanese authorities will step into the market to weaken the currency.
TOKYO:
The Japanese government is considering intervening in the currency market in the wake of the yen’s overnight ascent to a fresh high against the dollar, the Nikkei newspaper reported on Saturday. If the yen continues to rise, Japanese authorities will step into the market to weaken the currency, and will seek understanding for its unilateral action from its Group of Seven counterparts, the paper said without citing sources. Japan intervened in the exchange-rate market and eased monetary policy earlier this month, but the measures have not kept the yen from rising as investors seek the currency as a safe-haven against risk.
Published in The Express Tribune, August 21st, 2011.
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