Another drop in the yen has market watchers accusing Japan of further intervention in order to devalue the yen. Japan’s exports have suffered of late due largely to an appreciating yen making the country’s goods more expensive for foreign buyers.
If as suspected Japanese authorities did indeed flood the market with yen to being the price down, it will be the second time this month. Japan spent an estimated 2 trillion yen ($23 billion) last Wednesday to combat a rise in the currency to a 15-year high against the dollar.
Source: Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012