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National News

Japan intervenes in currency market

Japan waded into the currency market Sept. 15 for the first time in six years, buying dollars to weaken the surging yen, which is battering famed Japanese manufacturers like Toyota and Sony after spiking to 15-year highs.

Prime Minister Naoto Kan surviving a leadership challenge the day before had driven the yen to its latest high as currency traders bet that intervention was unlikely on his watch.

The surprise move, a coordinated effort by the finance ministry and central bank, shows a newly empowered Kan stamping his authority on government policy and means the yen is now less of a one-way bet even if the effects of intervention prove to be short-lived. Japanese officials would not provide a figure for how much yen the central bank sold in the market.

The currency has risen about 10 percent against the dollar this year, and businesses had asked the government for help. (AP)

Shukan ST: September 24, 2010

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National News Japan intervenes in currency market Japan waded into the currency market Sept. 15 for the first time in six years, buying dollars to weaken the surging yen, which is battering famed Japanese manufacturers like Toyota and Sony after spiking to 15-year highs. Prime Minister Naoto Kan surviving a leadership challenge the day before had driven the yen to its latest high as currency traders bet that intervention was unlikely on his watch. The surprise move, a coordinated effort by the finance ministry and central bank, shows a newly empowered Kan stamping his authority on government policy and means the yen is now less of a one-way bet even if the effects of intervention prove to be short-lived. Japanese officials would not provide a figure for how much yen the central bank sold in the market. The currency has risen about 10 percent against the dollar this year, and businesses had asked the government for help. (AP) Shukan ST: September 24, 2010 (C) All rights reserved