Japan intervenes in the forex market for the first time since 2004

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Japan intervened in the forex market for the first time since 2004 after the yen appreciation in the past 15 years peak against the U.S. dollar has threatened the economic recovery.

Yoshihiko Noda Finance Minister said that sales of yen have been unilateral. Another Cabinet official said authorities believe the ministerial level of 82 yen / dollar threshold of resistance and we will defend it.

Rate reached 82.88 yen per dollar and the Japanese currency weakened further after the intervention of authorities, more than 85 yen / dollar, dropping below that level for the first time in two weeks.

Yen has appreciated 11% against the dollar by mid-May until Tuesday. Japanese currency’s strong growth comes amid uncertain U.S. economic situation and financial problems, tax in Europe. Yen currency is perceived as a “refuge” in times of high risk.

Short URL: http://newskf.com/?p=1430

Posted by E.Hillwig on Sep 15 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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