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JAPAN INTERVENES IN FOREX MARKET, BUYING BILLIONS OF DOLLARS.
TOKYO, June 3 Asia Pulse - In a bid to avert a further rise in the yen, Japan's monetary authorities intervened in the currency market Friday for the third time this month to support the dollar.
The yen-selling/dollar-buying intervention is believed to have totaled several billions of dollars. With the yen rising to nearly 123 against the US currency, the Finance Ministry and the Bank of Japan sought to prevent a further rise, which could have a negative impact on the economy.
But yen-buying demand among exporters and overseas investors remains strong. For this reason, the yen is poised to continue to face upward pressures.
Prior to the intervention, the dollar had fallen ...
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Source: HighBeam Research, JAPAN INTERVENES IN FOREX MARKET, BUYING BILLIONS OF DOLLARS.