Long JPY crosses, Japanese finance minister is determined to combat strong YEN

Discussion in 'Trading' started by ASusilovic, Oct 31, 2011.

  1. Japan intervened to weaken the yen for the third time this year and pledged more sales after the currency’s gain to a postwar high against the dollar threatened a recovery from the March 11 earthquake and nuclear disaster.

    The yen plunged more than 4 percent to 79.20 after authorities sold the currency in a unilateral intervention. Japanese Finance Minister Jun Azumi said the move was carried out to combat “one-sided speculative moves that don’t reflect the economic fundamentals of our economy.”

    Azumi pledged to keep selling the yen in the foreign- exchange market after the currency reached a high of 75.35 against the dollar earlier today. It was the first yen-selling action by Japan since August. The yen and the Swiss franc have soared to records as investors sought havens from Europe’s fiscal debt woes.