Economy

xchrom

(108,903 posts)

31. 'Stealth' intervention reined in yen

Wed Feb 8, 2012, 09:45 AM

Feb 2012

http://www.japantimes.co.jp/text/nb20120208n1.html

Japan used so-called stealth intervention in November as the government sought to stem yen gains that hammered earnings at makers of exports ranging from cars to electronics.

Finance Ministry data released Tuesday showed Japan conducted ¥1.02 trillion worth of unannounced intervention during the first four days of November, after selling a record ¥8.07 trillion on Oct. 31, when the yen climbed to a postwar high of 75.35 against the dollar.

The currency's strength has eroded profits at exporters such as Sharp Corp. and Honda Motor Co., just as faltering global growth is undermining demand.

"Japan has clearly shown its intention to stop a further appreciation of the yen, and there is a high chance" for more yen selling, said Hideki Shibata, a senior strategist for rates and foreign exchange at Tokai Tokyo Research Center Co. "Caution against intervention has increased in markets."

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