14 Aug '11, 8am

Japan renews intervention warning against strong yen

TOKYO: Japanese Finance Minister Yoshihiko Noda on Sunday renewed his warning that Tokyo could take steps to weaken the yen after the currency was hovering near a post-war high. "The issue of foreign exchange is my prerogative," Noda told a talk show on public broadcaster NHK. "Paying attention to the market, I'm ready to take bold action whenever necessary." The yen has been approaching its post-World War II high of 76.25 to the dollar, which it hit in turbulent trading in the week after the March 11 earthquake and tsunami. In early August, Japan staged a large unilateral currency market intervention, selling yen and buying dollars, in a bid to weaken its soaring currency and safeguard the nation's budding post-quake recovery. A strong yen hurts Japan's key export sector by making its goods less competitive abroad and cutting into companies' repatriated overseas earnings,...

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

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