 Yen is showing broad-based recovery today, although the momentum remains weak, following its decline to the lowest level against Dollar since 1986. Japan has finally stepped up its verbal intervention efforts again, with Finance Minister Shunichi Suzuki expressing a "high sense of urgency" regarding Yen's depreciation. Suzuki pledged to "take necessary action as needed" and reiterated his "strong concern" over one-sided currency moves and their impact on the economy. Despite this, Yen remains the second worst performer of the week, showing minimal signs of a lasting bottom. Conversely, Dollar is the second strongest currency, trailing only Australian Dollar. Even if Japan intervenes in the markets, such efforts alone may not be sufficient to reverse USD/JPY trend unless Dollar also weakens against other major currencies... |
