The U.S. dollar gained against the yen and the euro on Tuesday after Japanese authorities hinted at the possibility of intervention to stem an unwelcome rise by the country’s currency.
Japan Finance Minister Taro Aso said the world’s leading economies would find it acceptable for a nation to act against “one-sided, speculative” exchange-rate movements.
His comments were the latest in a handful of nods to intervention to depress the yen and aid Japanese exports, as the currency reached a 17-month high on Monday. The tougher rhetoric had an impact on Tuesday, as the dollar spiked to change hands at ¥108.62, higher than ¥107.95 late Monday in New York.
via MarketWatch
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