Japan Official Warns of More Yen Selling

Discussion in 'Wall St. News' started by ASusilovic, Aug 7, 2011.

  1. A Japanese Finance Ministry official said the government is ready to sell yen again following last week’s move if it sees speculative trades driving the currency higher.

    Further intervention would “maintain the effect and warn those who make unusual moves” in the currency market, Vice Finance Minister Fumihiko Igarashi said on a television program of public broadcaster NHK yesterday.

    Japan sold yen in the foreign-exchange market last week for the second time this year to secure an economic recovery following the March earthquake and tsunami. Investors have been buying the currency as a haven from sovereign debt concerns in Europe and the U.S., which had its credit rating cut for the first time by Standard & Poor’s after markets closed on Aug. 5.