Monday, October 11, 2010

Currency Wars: Japan to Take Bold Action Against Rise of Yen

Currencies continue to act chaotically. The yen today rose its highest level since 1995.

Yoshihiko Noda, the Japanese Finance Minister, said today that the government is ready to take “bold” action agaisnt the rise of the yen. This may include currency intervention.

“We will watch currencies with great interest and will take bold action, which includes intervention, if needed,”

Mr. Noda also said that the Group of 20 will discuss how to respond to pressure among governments to compete to devalue currencies when they meet later this month after G-7 members failed to reach a conclusion on the topic.

Banri Kaieda, Economy Minister, said in Tokyo that an abrupt strengthening of the yen can hurt Japan'srecovery and "there is no change in the government’s stance to take decisive measures when necessary".

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