14 May '11, 1am

US made billion-dollar move to support yen

NEW YORK - THE United States deployed US$1 billion (S$1.23 billion) as part of a G-7 intervention in foreign-exchange markets to tame the soaring yen after Japan's earthquake disaster, the Federal Reserve said on Friday. 'The US monetary authorities intervened in the foreign exchange markets on one occasion during the first quarter, on March 18, buying US$1 billion against Japanese yen,' the Federal Reserve Bank of New York said in its quarterly report to the US Congress. The New York Fed had confirmed the intervention to sell yen on March 18, without disclosing its value. The day before, Japan and its economic allies announced they would intervene in world currency markets for the first time in a decade to calm turmoil sparked by the March 11 massive earthquake and tsunami, and subsequent nuclear crisis. The pledge came after emergency telephone talks by the Group of Seve...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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