Intervention Worries Push Yen Lower

Fears that the government will intervene in an attempt to weaken the yen saw the currency fall from its 15-year high against the dollar. The yen slid 0.7 percent to 81.40 against the dollar at 8:28 a.m. in New York, from 80.81 yen yesterday, when it reached 80.41 yen, the strongest level since April 1995.

“There is some underlying nervousness about intervention,” said Daragh Maher, deputy head of global foreign-exchange strategy at Credit Agricole SA in London. “The market got a little more edgy” as the yen neared 80 per dollar, Maher said.

Source: Bloomberg

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