Japan Speaks About Intervention, Yen Weakens

The yen fluctuated against the US dollar and fell against the euro today on the speculation that Japan will intervene to rein the excessive appreciation of the currency.

Japanese Finance Minister Yoshihiko Noda said he’s ready to take appropriate measures after the yen jumped to the record 75.93 against the dollar on August 19. Noda said today that he’s “more concerned about the worsening of the yen’s one-sided movements” and “the government will take “bold actions if necessary and won’t rule out any possible options”. Hirohide Yamaguchi, Bank of Japan Deputy Governor, also voiced concerns about the yen’s gains.

USD/JPY traded at 76.77 as of 9:42 GMT today after it jumped earlier from 76.74 to 77.20. EUR/JPY advanced from 110.36 to 110.64.

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