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Business
The Amazing Weight of the Yen
Thursday, August 12, 2010
Yen
Tokyo -- The Japanese yen rose to a 15-year high against the US dollar yesterday, causing Prime Minister Naoto Kan himself to comment that the situation is "rough."
In trading on Wednesday, the yen reached as high as 84.72 against the dollar before retreating somewhat today.
Analysts have mixed views about the point at which the Japanese government may be prepared to intervene in the currency market.
Previously, some had suggested that the 85 mark would be the likely trigger for countermeasures, but in fact Finance Minister Yoshihiko Noda reacted calmly.
In this context, Vice-Finance Minister for International Affairs Rintaro Tamaki held an unusual set of talks with Hiroshi Nakaso, his Bank of Japan counterpart.
Tamaki stated that the talks were about the exchange rate as well as financial market conditions more generally.
Meanwhile, the Cabinet Office revealed today that Japan's consumer confidence unexpectedly dropped in July from 43.6 to 43.4.
PanOrient News
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