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Japan sells yen to bolster fragile recovery

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Japan sells yen to bolster fragile recovery

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Japan has entered the currency markets for the first time in six years, selling yen to halt the currency’s rise which is threatening the economy’s fragile return to growth. Finance Minister Yoshihiko Noda confirmed the reports, saying Japan was also working with countries overseas.

The yen has surged to its highest level against the dollar since 1995 as low US interest rates made the dollar cheap. The Japanese government said it would intervene ‘as necessary’ to prevent a strong yen snuffing out Japan’s gentle recovery.