Japanese Yen Slips on Potential for Intervention

Japanese yen is mostly lower today, thanks in large part to the fact that an intervention from the government could be a possibility. Yen is lower against its major counterparts today.

After seeing some strength in recent weeks, yen is heading lower as threats of possible intervention weigh on the currency. Taro Aso, Japan’s finance minister, indicated earlier that the Japanese government is willing to intervene in the currency markets if the yen becomes too volatile, or if the situation could harm the economy and trade.
The prospect of intervention is sending the yen a little bit lower today against its major counterparts. The idea that the government might have to get involved is causing some skepticism about the prospects of the yen.
In general, the Japanese government prefers a weaker yen, since it often leads to better economic outcomes, include making Japanese goods more attractive for export. Japan has had a tough time in recent weeks, thanks to another earthquake, and other issues that have been holding the economy back.
At 14:11 GMT USD/JPY is higher, heading up to 108.3450 from the open at 107.0660. EUR/JPY is gaining to 123.4430 from the open at 122.0190. GBP/JPY is also higher, moving up to 156.1980 from the open at 154.3550.

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