Business | Oct 13

Japan warns on yen sell-off as dollar's surge continues

TOKYO, Oct 13 (asiafinancial.com) - Japan's lawmakers have issued their strongest warning yet to investors selling the yen after the US dollar soared to a new 24-year high against the currency.

The US currency rose to 146.35 yen, a level not seen since August 1998 during the Asian financial crisis, moving above levels that triggered intervention by Japanese authorities last month to stem excessive yen weakening.

Currency intervention is costly and success in influencing the yen's value in the huge global foreign exchange market is not guaranteed.

Investors also doubt the point of intervention given that the dollar's strength has been driven by interest rate differentials due to widely divergent US and Japanese monetary policy. ...continue reading

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