NTDTV
Market Report - Nikkei up on Japan Yen Intervetion
Foto: NTDTV
In today’s market report… Japan intervened to slow the yen’s rise for the first time in six years on Wednesday, boosting the Nikkei.
The yen earlier touched a 15-year high against the dollar, following a victory by Prime Minister Naoto Kan in a key party election.
The finance ministry buying of dollars around 83 yen sent the greenback higher, quickly erasing early losses of Japanese exporter shares such as Sony.
The Bank of Japan said it expected the action to stabilize the foreign exchange market, while the finance minister said the action was taken by Japan alone.
The Kan government was trying to talk down the yen, but had stopped short of intervening.
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