04 Aug '11, 7am

Asian shares slip, Tokyo up on yen intervention

HONG KONG: Most Asian stocks fell on Thursday but Tokyo was in positive territory after the government intervened in the currency market to curb the yen's rise. Tokyo stepped in as the yen edged towards its record post-war high against the dollar, with Finance Minister Yoshihiko Noda saying the stronger the currency got the worse the impact would be on the ailing Japanese economy. The yen started to fall shortly after 0100 GMT, and by 0600 GMT the dollar had risen sharply to 79.34 yen from 76.99 earlier. The Japanese unit also fell against the euro, with the single currency fetching 113.29 yen from an earlier 110.45. "If the moves continue, it could negatively impact the Japanese economy and financial stability when Japan is making various efforts to reconstruct itself from the impact of the disaster," Noda told reporters, referring to the March earthquake and tsunami. "Th...

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

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