The Japanese yen is rising after it previously declined today on the speculation that Japan intervened to trim the currency’s gains in order to protect the nation’s exporters.
Japan perhaps sold the yen today after it intervened last week for the first time in six years. Yoshihiko Noda, the Minister of Finance, said that the government may perform the “bold” actions to limit the excessive appreciation. The yen also fell on the rumors that the Bank of Japan Governor Masaaki Shirakawa may resign. The bank later denied these rumors.
USD/JPY is heading to its opening level of 84.37 as it trades near 84.58 as of 9:14 GMT today after it jumped as high as 85.37.
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