he yen firmed against the U.S. dollar and euro in Asian trade yesterday but remained well below the highs attained before Japan intervened in markets this week to stem the unit's strength.
The yen traded at 85.60 to the dollar in Tokyo morning trade, strengthening from 85.90 in New York but still sharply below the 15-year high of 82.86 hit Wednesday in Tokyo before Japan stepped into forex markets.
The euro stood at US$1.3069 from US$1.3078 in New York and 112.03 yen from 112.15.
Japan's Finance Minister Yoshihiko Noda said Friday the government will intervene again in the foreign exchange market to weaken the yen if necessary.
"I will continue to monitor market developments while maintaining a sense of gravity," Noda told a press conference, while placing further pressure on the Bank of Japan to "continue significant monetary easing."
The central bank indicated it would leave the extra supply of yen - reportedly around two trillion yen - sloshing around the money market to bolster lending and weaken the currency instead of adopting mopping-up policies usually deployed to prevent inflation.
