Wall Street

FOCUS: Japan’s intervention unlikely to stem yen’s slide

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Kyodo News

Japan’s currency intervention is likely to prove ineffective in overturning the underlying weakness of the yen against the U.S. dollar, even as its first attempt in 24 years in the foreign exchange market to strengthen its currency took immediate effect. The dollar briefly plummeted below 141 yen from a 24-year high near 146 yen Thursday after the government stepped into the market to stem the yen’s slide. The action took the market somewhat by surprise, even though repeated warnings by Finance Minister Shunichi Suzuki against the yen’s recent rapid decline to 24-year lows against the U.S. cur…

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