Japan May Sell Yen for Second Day to Protect Economy
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Japan may intervene in the foreign-exchange market for a second day to stem the yen’s gain to a 15-year high against the dollar and protect its exporters.
Japan yesterday unilaterally sold the yen against the dollar for the first time since 2004. Chief Cabinet Secretary Yoshito Sengoku said the finance ministry “seems to think” 82 yen per dollar to be the line of defense, after it reached 82.88 yesterday. Government officials speaking on condition of anonymity have previously said volatility was a bigger concern than the level. Officials said Japan may continue selling the yen in the U.S. and into today’s Tokyo trading if needed.