Yen Continues to Track Higher

Japanese Prime Minister Yoshihiko Noda commented on the yen reaching a 15-year high against the dollar saying that the government was watching the situation “extremely closely, with grave concern”. As an exporting nation, a stronger yen makes Japan’s products more costly to US consumers which make up a large percentage of Japan’s buers.

The strong yen led to heavy losses for Japanese shares on Tuesday. The Nikkei index closed down 121.55 points, or 1.3%, to close below 9,000 points for the first time since May 2009.

Source: BBC News

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