Yen Rallies to 1 1/2-Year High as Traders Defy Intervention Risk
- Officials say move one-sided, will act appropriately if needed
- `Line in the sand' may be at 105 per dollar: CIBC's Rai
What Does Yen Strength Say About Japanese Economy?
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The yen climbed past 108 per dollar, reaching the strongest level in almost 1 1/2 years, as demand for haven assets and the Bank of Japan’s apparent reluctance to intervene kept investors buying.
The yen staged one of its biggest daily rallies since the market convulsions of August as expressions of concern from Japanese officials failed to convince traders that measures to curb the gains were imminent. The currency rose 1 percent or more against all 16 of its major peers, advancing even as a Ministry of Finance official said recent moves have been one-sided and that authorities will act as necessary.