May 3, 2012
Japan staged a coup on the dollar
Japan has broken out of patience: the country wanted to watch the appreciation of the yen are no longer stand - and intervened for the first time in six years in favor of the dollar.
At a rate of 83 yen per dollar, it was the Bank of Japan seems too much: As the yen fell short in his soaring against the dollar this brand, decided to Japan for the first time in six years to intervene in the foreign exchange market.
The national flags of Japan and the United States in front of a chart that shows the price development of the yen against the dollar. Most recently, Japan, the appreciation of its currency too strong. The "Bank of Japan," intervened in the foreign exchange markets and bought dollars.
For the first time since March 2004 bought the land of dollars to stop the yen's appreciation. It was a solo Japan, Finance Minister Yoshihiko Noda confirmed on an ad-hoc press conference in Tokyo. The international partners were informed, however.
For details, he said nothing. He reiterated, however, that the government was committed to all necessary measures against too high yen exchange rate, also belonging to intervene in the foreign exchange market.
Yen at the highest level in 15 years
A government spokesman said Japan was trying to convince the U.S. and the Europeans of the need for intervention. According to traders, the Japanese central bank bought U.S. dollars at an exchange rate of around 83 yen. The yen had previously attained in Tokyo against the dollar to 82.87 yen, its highest level in 15 years.
The strong yen, especially strains the Japanese export industry and heavy burden on economic recovery difficult to Nippon. Because Japan's economy is heavily dependent on exports.
by erectusplus at 3:51 AM |
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