02 Aug '11, 1pm

Bank of Japan unlikely to intervene in forex market

Bank of Japan unlikely to intervene in forex market

SINGAPORE: Amid growing speculation that the Bank of Japan (BOJ) may step in to intervene in the forex markets to stem the yen's rise, some analysts say it is unlikely to happen at its policy meeting later this week. They argue that any such move will be short lived and have limited impact. Concerns over a potential debt default in the US have sparked a sell-off in the greenback, sending investors turning to safe haven assets. Thio Chin Loo, Senior Currency Strategist, BNP Paribas, said: "A lot of investors, particularly the sovereign wealth funds have put some money into the non-dollar assets - not so much the eurozone assets because of the debt issues that they are facing there now, but increasingly into Japanese bonds as well as equities." Such strong fund inflows into Japan have pushed the Japanese yen to four month highs and it now near its all-time peak of 76.25 yen ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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