Reply #22: BoJ intervenes for second straight day [View All]

[UpInArms]

http://www.iht.com/cgi-bin/generic.cgi?template=articleprint.tmplh&ArticleId=120941

Yen falls after BOJ steps in for a 2nd day

LONDON The Bank of Japan on Wednesday intervened in the currency markets for a second straight day, buying dollars and selling yen in an effort to keep Japanese exports competitive.

The central bank bought an unspecified amount of dollars in early trading in London at about ¥107.40, traders said. The move sent the U.S. currency rallying as high as ¥108.55.

Finance Minister Sadakazu Tanigaki and the Bank of Japan governor, Toshihiko Fukui, have said in recent days that they are concerned that a swift rise in the yen will hurt Japan's economy, which is struggling to pull out of a 13-year slump.

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Wednesday's intervention followed a similar move in New York on Tuesday. A trader at a bank that deals with the Bank of Japan said the central bank bought dollars at around ¥107.10 then.

The Japanese authorities "will continue to limit the pain on exporters of sharp rises in the yen," said Naomi Fink, a currency strategist in Tokyo at BNP Paribas.

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