BLBG:Yen Pares Steepest Loss Against Dollar in One Week
(Corrects second paragraph to say yen decline was on concern that Bank of Japan (8301) may act to stem currency gains.)
The yen pared its steepest intraday loss against the dollar in a week, leaving it little changed at 76.53 to the U.S. currency as of 8:13 a.m. in London.
Japan’s currency had earlier weakened as much as 0.7 percent to 76.97 yen, the biggest decline since Sept. 15. The decline was sparked by concern the nation’s central bank may act to stem gains in the currency to protect exports.
The yen yesterday rose to the most since it touched a post- World War II record of 75.95 per dollar on Aug. 19. Finance Minister Jun Azumi said yesterday he’s closely watching markets and will take “bold” action on currencies if needed.
To contact the reporters on this story: Garth Theunissen in London gtheunissen@bloomberg.net;
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
