Possible intervention by Japanese government weakens yen

09/29/2009 | Bloomberg

In a reversal, Japanese Finance Minister Hirohisa Fujii said the government might intervene to weaken the yen. The announcement sent the currency lower to 89.98 per U.S. dollar Tuesday afternoon in Tokyo, compared with 89.63 on Monday in New York. "Japan's policymakers can't just let the yen rise; that would hurt companies' profits and reduce jobs," said Koji Fukaya, a senior currency strategist at Deutsche Bank.

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