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US Dollar Jumps as Japan Intervenes To Pull Yen Back From Record Levels

US Dollar Jumps as Japan Intervenes To Pull Yen Back From Record Levels

Submitted By: 31 October 2011 No Comment

Jun-Azumi

Jun-Azumi

Japan’s new finance minister, Jun Azumi, carried through on his threat to intervene in currency markets to reverse a strengthening of the yen that has hurt the country’s vital export sector.

The yen weakened sharply to 78.30 to the dollar Monday morning in Tokyo, retreating from a post-World War II record of 75.31 yen touched in early trading. Azumi confirmed that the Japanese government had sold yen for greenbacks, and would continue doing so until it was “satisfied,” according to Kyodo News.

The benchmark Nikkei 225 average rose through the 9,100 level for the first time since Aug. 16.

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