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WORLD

JAPAN MOVES TO COMBAT RISING YEN

15.09.2010 [11:23]
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Baku, September 15 (AZERTAC). Japan has intervened in the currency markets for the first time in more than six years to weaken the value of the yen against the dollar.

The central bank stepped in to sell yen and buy dollars, a day after the yen hit a 15-year high against the dollar.

Finance Minister Yoshihiko Noda said he was monitoring currency developments and could take further action.

Analysts say a strong yen hurts crucial Japanese exports, such as cars and home entertainment electronics.

In early trading on Wednesday, the dollar rose to 85 yen, after being 83.09 yen on Tuesday.

The yen had spiked after news filtered through that Prime Minister Naoto Kan had survived a leadership challenge from rival Ichiro Ozawa.

Traders had reckoned Mr. Kan would be less likely than Mr. Ozawa to take measures to weaken the yen.

The record low for the dollar is 79.75 yen, reached in April 1995.

Analysts fear the rising yen is undermining Japan`s recovery, making exports less competitive overseas.

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