Monday, October 31, 2011

Yen Falls Versus Dollar Amid Speculation Japan Intervened in Markets

The yen plunged against the dollar and euro amid speculation Japan intervened in markets to weaken its currency.
The yen sank 3.2 percent to 78.30 per dollar as of 10:34 a.m. in Tokyo. It lost 2.8 percent to 110.38 per euro.
Japanese Finance Minister Jun Azumi said earlier today he’s ready to take “determined” steps in the currency market if needed after the yen rose to a fresh post-World War II high against the dollar.
He told reporters in Tokyo today that speculative activity is strong in the currency market, adding that the yen’s moves don’t reflect Japan’s economic fundamentals.