Japan’s Intervention Odds Rise Even as Kan Stays, JPMorgan Says
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The odds that Japan will intervene in the currency market have doubled even after the election loss of a prime minister candidate calling for such action to weaken the yen, JPMorgan Chase & Co. says.
Prime Minister Naoto Kan yesterday defeated a leadership challenge from party rival Ichiro Ozawa, who pledged intervention for the first time in six years to support exporters. Kan hasn’t called specifically for yen sales, instead saying last week that he is ready to act as needed to curb the currency’s 11 percent surge against the dollar since mid-May.