Bank of Japan hints at more intervention

Bank of Japan hints at more intervention

Irish Sun
Wednesday 15th September, 2010  

Japan's central bank has intervened in foreign exchange markets to sell its high-flying currency.

The yen has been rising rapidly in recent years and Tuesday touched a fifteen-year high. The move-coincided with a dramatic sell-off in the U.S. dollar which caught analysts by surprise.

The Bank of Japan bought dollars aggressively Wednesday as the yen was approaching the 82.00 level. The currency back-tracked in swift fashion as the BOJ reportedly sold the equivalent of $3 billion to $5 billion of yen, and hinted that it was not done yet.