As yen surges, Japan warns of possible currency intervention

Japan warned Friday that it would consider intervention in the foreign currency market as a means to protect its disaster-hit economy, which is being held back by the strong yen.

The yen hit a four-month high of 77.50 against the dollar in Asia on Friday, as traders sought safer investments over concern that the United States was close to defaulting on its debt obligations.

The surge in the yen led Finance Minister Yoshihiko Noda to suggest that the currency’s strength gave a misleading picture of the Japanese economy.

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