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Japan intervenes to weaken yen
Posted By aaron On October 31, 2011 @ 8:57 am In Global Crisis | Comments Disabled
October 31, 2011
The Japanese government stepped in Monday to weaken the yen, after it climbed to a post-World War II high against the dollar.
Finance Minister Jun Assume said Japan intervened unilaterally at 10:25 a.m. It was the third intervention this year.
“Foreign exchange rates should reflect the real economy and fluctuate within the range of common sense. Otherwise it will distort the real economy,” Azumi said. “I decided it (the intervention) this morning as I cannot tolerate such appreciation.”
The yen went up to the post-war high of 75.32 per dollar early Monday. The intervention immediately sent it tumbling to 79 per dollar.
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