FRX: Japanese Yen Tumbles on Intervention Speculations
The Japanese yen depreciated against the euro and the Great Britain pound today over speculations that policy makers may take measures to restrict yen’s appreciation, which is expected to hurt Japan’s exports. Bank of Japan and Ministry of Finance representatives met recently to discuss the financial markets. The last intervention by the policy makers took place on March 16, 2004. Japanese exporters stated that they can continue to be profitable until the yen remains under 92.90 per US dollar.
