Yen Tumbles From 15-Year High After Japan Intervenes in Market
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The yen tumbled from a 15-year high versus the dollar after Japan intervened for the first time since 2004 to curb gains that threaten an export-led recovery.
Japan’s currency slid the most in 19 months after Finance Minister Yoshihiko Noda said the nation unilaterally sold yen. The step comes a day after Japanese Prime Minister Naoto Kan won reelection as the head of the ruling party, beating a candidate who had insisted intervention was necessary. China’s yuan rose earlier to the highest level since 1993 against the dollar on speculation the central bank will allow faster appreciation as inflation accelerates and foreign pressure mounts.