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Yen Hits 15-Year High Against Dollar

The Japanese yen hit a new 15-year high against the US dollar today as prime minister Naoto Kan hinted at further currency intervention

Yen Hits 15-Year High Against Dollar Yen Hits 15-Year High Against Dollar

The dollar fell 0.77% to ¥82.285, as the US increased pressure on Japan to allow the yen to weaken, shoring up the greenback. Last month the Bank of Japan intervened in currency markets for the first time in six years as the yen began to appreciate rapidly
"We will continue to watch closely currency movements and will take decisive action if necessary," Kan told the Japanese parliament.

The latest round of stimulus measures by the Japanese Government may weaken the currency. This week it announced plans to purchase assets worth up to ¥5trn, and reduced its overnight lending rate from 0.1% to between 0% and 0.1%.

The BoJ said: "The Bank will maintain the virtually zero interest rate policy until it judges that price stability is in sight, on condition that no problem will be identified in examining risk factors, including the accumulation of financial markets."

Source : Investment Week