WASHINGTON (MarketWatch) -- Rep. Sander Levin, the chairman of the House Ways and Means Committee, on Wednesday called Japan's intervention overnight in the foreign exchange market to weaken its currency "a deeply disturbing development." Levin, a Democrat from Michigan, said his panel will closely monitor the yen's value relative to the dollar. Levin made the comment at the opening of two days of committee hearings into the foreign exchange market, specifically focusing on exchange rate of China's currency versus the dollar. http://www.marketwatch.com/story/key-house-democrat-japan-forex-move-disturbing-2010-09-15 Ha, ha, ha. LOL !
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The move has already attracted criticism from Europe. Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup of euro-zone finance ministers, complained to reporters in Switzerland that unilateral moves were not an âappropriateâ way to address global imbalances.