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Japan Finance Minister declines to say whether govt intervened to prop up yen

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TOKYO -Japanese currency authorities declined on Monday to confirm whether the government had intervened in the currency market on Friday, signalling their determination to engage in a war of nerves with traders selling the yen.Any respite from such an intervention appeared to be brief, however, with dollar/

TOKYO -Japanese currency authorities declined on Monday to confirm whether the government had intervened in the currency market on Friday, signalling their determination to engage in a war of nerves with traders selling the yen.

Sources told Reuters that the dollar's plunge by as much as by 7 yen overnight on Friday was caused by authorities' yen-buying action for the second time in as many months. On Sept. 22 they stepped in to prop up the yen for the first time since 1998. "I won't comment," Finance Minister Shunichi Suzuki told reporters at the finance ministry, when asked about intervention.

 

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Japan intervened, buying yen in foreign exchange market Friday -sourcesTOKYO -Japan intervened in the foreign exchange market on Friday to buy yen for the second time in a month after the currency hit a 32-year low near 152 to the dollar, a government official and another person familiar with the matter told Reuters. Japan has been attempting to shore up the battered currenc
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