What does this mean for the yen?

Discussion in 'Forex Trading' started by Susannah, Oct 26, 2008.

  1. Does anyone have more info on what is being done with this 80-billion they are going to use? Is it to weaken the yen or what? From this article: http://afp.google.com/article/ALeqM5jcMJeTM-PqBMJvvuYPQ-dipFviwQ

    Before the meeting began, China, South Korea, Japan and 10 Southeast Asian Nations also pledged to create an 80-billion-dollar fund that those countries could draw upon to fight off currency speculators.
    The announcement of the Asian fund, which had been in the pipeline for months, was the first major co-ordinated action by Asian countries in tackling the financial crisis since the worst of the turmoil began last month.