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Japan moves to halt yen rise


Japan moves to halt yen rise


In Japan the central banks intervention to sell the yen and buy dollars has boosted the markets. The bank’s move came, a day after the yen hit a 15-year high against the dollar.

Japan’s leading shares reacted and have risen by almost 3 percent as a result of the action to stop the currency’s relentless climb, which threatened the country’s economic recovery.

Japan’s Finance Minister Yoshihiko Noda hinted there could be further action.

“We’ve just intervened in the currency market in order to avoid rapid exchange-rate moves. We will take decisive steps, including intervention, while continuing to closely watch currency market moves,” he said.

Its the first time in six years Japan has intervened in the currency markets.

A strong yen has made Japanese exports more expensive, reducing companies profits.

A recent government survey suggested many companies were considering moving production overseas if the yen stayed high.

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