Yen Weaker After Aso Suggests Intervention

The Japanese yen eased today from the multi-year highs reached yesterday. The currency weakened after comments of Finance Minister Taro Aso that suggested a possibility of an intervention. As of now, the yen is moving back up but remains below the opening level.
Aso made remarks that were interpreted by the market as an intervention talks. Yet experts reminded that the Group of Twenty agreed to avoid devaluing their currencies directly, meaning that Japanese policy makers may try other methods for reviving the struggling economy.
Economic data released from Japan over the trading session was good as the current account improved, but apparently it was not enough to propel the yen higher.
USD/JPY traded at 108.63 as of 11:59 GMT today after opening at 108.21 and touching the session high of 109.09. GBP/JPY opened at 152.08 and rose to 154.15 before backing off to 152.93

If you have any questions, comments or opinions regarding the Japanese Yen,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *